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NewsHebei Yuetong Fasteners Company attend the 125th Canton Fair Recently,the 124th China Import and Export Fair(refer redtoas the Canton Fair)wasgrandly opened at the Pazhou International Exhibition Centerin Guangzhou.
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Former US Labor Secretary: If tariffs are implemented, the US will return to the "Great Depression"
Published:
2025-05-20
On the 19th local time, according to the US Consumer News & Business Channel, former US Labor Secretary Robert Reich said that in the short term, the uncertainty caused by the US tariff policy will lead to a reduction in US investment and a slowdown in economic growth. In the long term, if the tariff policy of the US government is fully implemented, everyone will be a loser and the United States will return to the "Great Depression" of the 1930s.
Former US Labor Secretary Robert Reich: In the short term, the key word is "chaos". The problem is that in the chaos, no one dares to invest. In fact, many investors around the world are withdrawing funds from the United States. This is due to the uncertainty brought about by the tariff policy. Tariff policies will lead to multiple losers in the global economy. There are two factors at play here. The first one is due to uncertainty. Secondly, if the tariffs are implemented as high as some people expect, and if this situation comes true, everyone will be the loser and we will return to the "Great Depression" of the 1930s.
Robert Reich emphasized that for a long time, Americans have benefited from the "capital safe haven" status of US Treasury bonds and the dominant position of the US dollar in the international reserve system. However, the US government's tariff policy is shaking the status of US Treasury bonds and the US dollar, which makes it now possible to see the beginning of the end of US hegemony.
Former US Labor Secretary Robert Reich: We can see that under the tariff policy, global investors, including US investors, are selling off US Treasuries and reducing their holdings of the US dollar. We can witness the beginning of the end of American hegemony. Us Treasury bonds were once the safest haven for global funds, and the US dollar was once the reserve currency of the world. Everyone traded in US dollars. And now, everything is too terrifying. These phenomena mean that the United States will lose power and we will also lose a great deal of wealth in this country.