Dr Mahamudu Bawumia is Ghana’s former Vice President
Former Vice President of Ghana, Dr Mahamudu Bawumia has cautioned that utilizing tariffs to deal with commerce deficits is a flawed method, describing it as traditionally ineffective.
Talking on the 2025 Worldwide Democracy Union Discussion board in Brussels, Dr Bawumia pressured that commerce imbalances stem from deeper macroeconomic challenges and can’t be resolved by way of tariff measures.
“There are clearly commerce imbalances throughout continents and international locations, however what we all know from economics is that you just can’t repair a commerce deficit with tariffs, it simply doesn’t work. Tariffs can’t right macroeconomic imbalances, and any try to take action is sure to fail, as historical past has proven,” he said.
He additional famous that ongoing commerce wars, significantly between main economies resembling the US and China, are largely pushed by distrust.
“The largest problem in all these negotiations is distrust,” he stated, urging international leaders to prioritize constructing confidence and transparency in commerce discussions.
Dr Bawumia’s remarks come at a time when international commerce tensions have fueled an increase in protectionism, with a number of nations imposing tariffs to guard home industries.
The Brussels discussion board introduced collectively leaders and coverage consultants from world wide to deliberate on crucial international points, together with the evolving dynamics of worldwide commerce and ongoing commerce wars.
Dr. @MBawumia Shares Restoration Technique at Brussels Discussion board
Former Vice President Dr. Mahamudu Bawumia outlined concepts for restoring financial stability amid international commerce uncertainty on the Worldwide Democracy Union Discussion board in Brussels.#ChannelOneNews pic.twitter.com/Wtmu8hW7jM
— ChannelOne TV (@Channel1TVGHA) May 17, 2025
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