by Mahmoud Fouly
CAIRO, Sept. 2 (Xinhua) -- The trade wars launched by the administration of U.S. President Donald Trump against other world economies under the slogan of "America First" are going to harm the U.S. economy itself, Egyptian economic experts said.
Gamal Bayoumi, secretary-general of the Cairo-based Arab Investors Union and Egypt's former assistant foreign minister, said Trump's unilateral tariffs on imports are against the rules of world trade. With countermeasures from the parties concerned, the United States will lose more.
"Trump does this under the pretext of nationalism and protecting local industries, but nationalism is based on mutual interests, not waging trade wars," Bayoumi said. "If he raises the motto of 'America First,' he has to know what really is in favor of America."
On the ground, port officials of various U.S. states have already reported a tariff-related drop in shipments and fear this could have a ripple effect on truckers and other jobs dependent on trade.
Yomn El-hamaky, professor of economics at the Cairo-based Ain Shams University, said Trump is attempting to redistribute the gains of global trade in favor of the United States and local manufacturers at the expense of other economies and a further slowdown in the global economy as one of the repercussions.
"This approach has many perils. In the medium and long run, the United States will suffer losses due to the current economic policies despite its temporary gains because the policies go against the rules of competitiveness and free global trade," she said. "Trump doesn't see the complete picture. I believe his policy will not (be) successful as he raises trade disputes (for) shortsighted interests."
The professor said Trump's trade wars are also propaganda to cover up his political problems rather than show his patriotism.
She pointed out that the trade wars were resulting in the other countries forming new trade alliances to keep trade going. Japan and the European Union, for example, signed a free trade deal recently. China has also strengthened economic partnerships with some other countries.
"Trump's 'America First' slogan requires sustainability rather than shortsightedness," she added.
