Tariff war impacts global trade, multiple countries call for strengthening regional cooperation

Boao, March 24th (Xinhua) -- The Boao Forum for Asia Annual Conference 2026 is being held in Boao, Hainan. At the sub forum on "New Global Trade Pattern under the Impact of Tariff Wars" held on the 24th, attendees stated that tariff wars have had a profound impact on the global trading system, bringing challenges such as increased uncertainty, and strengthening multilateral cooperation is an important way to address risks.

Former Deputy Prime Minister of Singapore, Wong Kin sing, believes that the uncertainty of the tariff war poses obstacles to global development and may trigger more friction. Its impact is mainly reflected in three aspects: first, it reduces predictability, and countries need to re evaluate trade partnerships and geopolitical risk factors; The second is supply chain restructuring, where countries tend to reduce their dependence on other countries; Thirdly, different technical standards and regulatory policies exacerbate economic uncertainty.

Daniel Polotay, Deputy Governor of the Hungarian National Bank, pointed out that the uncertainty brought about by the tariff war will cause long-term damage to the global economic potential, labor market, etc., and developed countries will be more affected.

Former Chief Economist of the World Trade Organization, Robert Koopman, also stated that some trade tools designed in the context of tariff wars were "originally intended to be unpredictable," which affects the certainty of long-term economic development. Meanwhile, the United States' initiation of a tariff war did not achieve the goal of reducing the trade deficit.

Faced with the challenges brought by the tariff war, multiple attendees emphasized the importance of the multilateral system and regional cooperation.

Huang Gencheng believes that it is necessary to adapt to the new situation by rebuilding trust and establishing clearer conflict coordination mechanisms. He pointed out that the global trading system is becoming increasingly fragmented, and regional cooperation is crucial. Regional solidarity can provide diverse opportunities and stabilize global trade. Daniel Paulotay also believes that regional unity and cooperation can reduce the impact of tariff wars.

Former Italian Prime Minister Gentiloni stated that the EU opposes fragmentation, unilateralism, and protectionism. The EU and China share common interests and should work together to maintain a rules based trade order.

Looking ahead to the next decade, the guests expressed a cautious and optimistic attitude amidst their worries.

Former US Secretary of Commerce Gutierrez believes that the development of technologies such as artificial intelligence will bring enormous opportunities and profoundly change the existing trade structure.

Huang Gencheng believes that economic competition will continue, new rules and trade barriers will emerge, but life and trade will continue, and countries around the world will learn how to respond to these challenges.