UK-based Drewry Shipping Consultants is a globally renowned shipping consultancy. The company’s Managing Director, Tim Power, stated in an interview with CCTV in Germany that the US tariff hikes will lead to increased commodity prices, which will raise costs for American domestic consumers.
Tim Power, Managing Director of UK-based Drewry Shipping Consultants: Imposing tariffs where there is no domestic industry only increases costs for American consumers. This could lead to inflation in the US and reduce American consumer demand.
Power stated that free trade benefits the globe, but abuses of free trade, like those by the US, must be stopped.
Tim Power, Managing Director of UK-based Drewry Shipping Consultants: Free trade benefits all of humanity, and anyone who abuses free trade must be stopped. We have seen this from the US, and we may see other countries take countermeasures, but we do know that free trade helps lift people out of poverty; it benefits the entire world. (CCTV News Client)
