Croatian economic analyst Petar Vuskovic warned that U.S. President Donald Trump’s new tariffs could trigger a global recession, describing the current situation as an “economic Armageddon.” In an interview with N1 Television, Vuskovic said the combination of inflation and tariffs is destabilizing markets, with stock prices falling and companies already laying off workers — a crisis he claims is worse than the COVID-19 pandemic.
Trump’s executive order imposed a 10% minimum tariff on all imports, with higher rates on select countries. While Croatia exports €587 million worth of goods to the U.S. annually — a small fraction of Europe’s total — Vuskovic emphasized that the impact on Croatian citizens and businesses will still be significant. Consumers will face higher prices on imported goods, while exporters of products like wine, pharmaceuticals, and machinery may suffer losses.
Vuskovic criticized the protectionist policy, arguing it benefits the wealthy while making ordinary citizens poorer and putting state revenues, investors, and businesses at risk.
Source – CGTN
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