Former U.S. Secretary of Commerce: It is almost impossible for the global trade system to "go back to the way it was"

WealthCoffee · 2026-03-27T07:52:20+00:00

Since April 2025, the "reciprocal tariff" policy implemented by the Trump administration in the United States has been continuously escalating. On March 11, 2026, the U.S. announced the launch of trade investigations against multiple countries, potentially imposing new tariffs, which could impact the global economy and trade relations. Huang Gencheng pointed out that the intensification of geopolitical competition has ushered global trade into a new phase, and the uncertainty of tariffs may lead to more trade frictions.

WealthCoffee

2026-03-27 07:52:20

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**【Caixin】**Since April 2025, the Trump administration in the United States has continuously escalated its “reciprocal tariff” policy globally, with repeated fluctuations. On March 11, 2026, the U.S. announced that it would initiate trade investigations against more than ten economies, including China, Mexico, the European Union, Japan, India, Vietnam, South Korea, and Singapore, under Section 301 of the Trade Act of 1974. Following the investigation, new tariffs may be implemented to replace the tariff measures deemed illegal by the U.S. Supreme Court in February of that year.

On March 24, at a sub-forum of the Boao Forum for Asia Annual Conference 2026, former Singaporean Deputy Prime Minister Tharman Shanmugaratnam pointed out that due to intensified geopolitical competition, global trade has entered a new phase. The uncertainty of tariffs poses potential obstacles to global economic development and may also trigger more trade frictions.

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