The United Nations Conference on Trade and Development (UNCTAD) pointed out in a report that the recent trade policies introduced by the United States are changing global trade patterns and may severely impact the most vulnerable economies.
Xinhua News Agency reported that UNCTAD released a report on the 14th, focusing on the impact of U.S. tariff measures on vulnerable economies and the least developed countries, urging the U.S. to exempt these economies from the so-called reciprocal tariffs.
According to the report, reciprocal tariff measures may severely hit developing and least developed economies and do not significantly reduce the U.S. trade deficit or increase its fiscal revenue. Among the economies covered by the reciprocal tariff list, small economies and the least developed countries account for a very small proportion of the U.S. trade deficit. Twenty-eight of these economies account for less than 0.1% of the total U.S. trade deficit, and reciprocal tariffs will disproportionately impact the exports of these economies.
The report states that many products from countries facing the threat of reciprocal tariffs are agricultural products not produced in the U.S. Imposing tariffs on such products will ultimately result in higher prices for U.S. consumers, while the additional revenue from tariffs imposed on poorer and smaller economies will be negligible.