Tariffs are “an act of economic war,” and the latest US tariffs are a direct assault on the global economy, warns the CEO of one of the world’s largest independent financial and asset management organisations.
The comments from deVere Group’s Nigel Green, which came as President Donald Trump’s joint congressional address, made it clear that his administration is deploying tariffs as a weapon, not just a policy.
The sweeping 25% duties on Canada and Mexico, an additional 10% on Chinese imports, and threats against the European Union mark an economic confrontation that will redefine global markets.
Beijing wasted no time in firing back, saying they are prepared for a tariff war or “any other type of war,” signalling that the world’s second-largest economy is ready to retaliate with full force.
Investors are now bracing for a prolonged and destabilising economic war, with market volatility and financial uncertainty taking centre stage.
Nigel Green, CEO of deVere Group, warns: “Tariffs are an act of economic war.
“This aggressive escalation could cause the most severe economic disruption since the global financial crisis, barring the pandemic.
“The fallout will extend far beyond tariffs themselves, with ripple effects threatening corporate profits, inflation levels, and supply chains.
“Trade barriers of this scale are not a pathway to strength. They’re self-inflicted wounds that create higher costs for businesses, dampen consumer spending, and erode economic resilience.
“Tariffs are not a show of power; they are a tax on prosperity.”
Despite Trump’s insistence that tariffs will restore America’s economic dominance, reality is painting a different picture.
Increased costs on imports mean businesses will either absorb the financial hit or pass it along to consumers, leading to inflationary pressures that weaken household purchasing power. The result? A slowing economy disguised as a policy win.
“From manufacturing to tech, industries are now forced to face a storm of rising costs and shrinking global competitiveness,” says Nigel Green.
“This is not a win; it’s reckless brinkmanship with high stakes for the US and global economy.”
Trump’s vow to roll out even more trade penalties by April 2 is triggering concern through global markets.
Washington’s latest trade war salvos are setting off countermeasures from Beijing, Brussels, and beyond.
China’s retaliatory tariffs are expected to hit US exports where it hurts—targeting agriculture, technology, and other key industries with strategic precision. The European Union is weighing its response, while Mexico and Canada have already signalled their intent to push back.
“Trade conflicts don’t happen in isolation. They trigger chain reactions—capital flight, fractured supply chains, and heightened uncertainty for investors,” explains the deVere CEO.
The notion that tariffs will fortify the US economy is fundamentally flawed.”
“The cost of this economic war will be borne by households, businesses, and investors worldwide. And unless there’s a change in course, the worst may still be ahead.”