US tariff policy has had a multifaceted and far-reaching impact on world trade, mainly reflected in the global trade outlook, the multilateral trading system and the economic level of various countries.

Global trade prospects have deteriorated
The World Trade Organization report shows that under the current tariff situation, global trade in goods is expected to fall by 0.2% in 2025, nearly 3 percentage points lower than the "low tariff" baseline scenario. North America's trade in goods has declined significantly, with exports expected to fall by 12.6%. At the same time, trade in services has also been impacted, and global trade in services is expected to grow by 4% in 2025, about 1 percentage point lower than previously expected. The US "reciprocal tariffs" and policy uncertainty bring serious downside risks. If they continue, they may cause the decline in global trade in goods to expand to 1.5% in 2025, and the least developed countries that rely on exports will bear the brunt.

The authority of the multilateral trading system has been damaged
The US's unilateral imposition of tariffs blatantly violates multilateral trade rules, weakens the authority and effectiveness of the multilateral trading system, and disrupts the global trade order. The multilateral trading system, such as the World Trade Organization, is based on rules and advocates free trade and fair competition. The US tariff policy has undermined this system, causing countries to worry about the stability of the multilateral trading system.

Challenges facing the economies of various countries
The US tariff policy has led to trade countermeasures from all parties, intensified international trade tensions, and caused fluctuations in international financial markets. The US economy itself has also been negatively affected. Consumers are facing rising prices, and local companies and foreign-funded companies in the United States are facing soaring production costs and supply chain disruptions. In addition, policy uncertainty has hindered business planning, reduced corporate investment and consumer confidence, and significantly increased the risk of economic growth slowdown or even recession.

The US tariff policy has had a serious negative impact on world trade, not only undermining the global trade order, but also undermining the stability and development of the economies of various countries. The international community should work together to promote the construction of a fair competition environment, maintain the authority and effectiveness of the multilateral trading system, and promote the healthy development of global trade.