A Panamanian economist warned that U.S. tariff hikes could spark retaliatory measures from other countries, escalating into trade wars that threaten global economic stability. After taking office, U.S. President Donald Trump signed an executive order on February 1 to impose a 25-percent additional tariff on imports from Canada and Mexico, and a 10-percent tariff hike on imports from China. On Thursday, Trump announced that the 25-percent new tariffs on Mexican and Canadian goods will take effect on March 4, while also threatening to impose an additional 10 percent tariff on Chinese imports the same day. A day earlier, Trump stated that his administration had decided to impose 25 percent tariffs on products from the European Union, including cars. In response, many affected countries have voiced their opposition and vowed to take countermeasures. The escalating trade tensions have sparked global concerns, with many warning that it could trigger trade wars and ultimately undermine the global economy. "A review of history shows that trade wars always result in negative economic impacts, hurting consumers worldwide and compelling producers to downsize their workforce to cope with losses. The U.S. acts of levying tariffs is more of a political move than an economic one, as they will trigger retaliatory measures from other countries, including tariffs on the United States. This, in turn, will slow global economic growth and impact Panama as well. The global economy is not isolated but rather interconnected like a system of gears. When one part is affected, the entire system feels the impact," said Eric Molino Ferrer, a Panamanian economist. SHOTLIST: FILE: Washington D.C., USA - October 2024 1. Various of White House; 2. Various of Capitol Hill; Panama City, Panama - Recent 3. SOUNDBITE (Spanish) Eric Molino Ferrer, Panamanian economist (partially overlaid with shots 4-6): "A review of history shows that trade wars always result in negative economic impacts, hurting consumers worldwide and compelling producers to downsize their workforce to cope with losses. The U.S. acts of levying tariffs is more of a political move than an economic one, as they will trigger retaliatory measures from other countries, including tariffs on the United States. This, in turn, will slow global economic growth and impact Panama as well. The global economy is not isolated but rather interconnected like a system of gears. When one part is affected, the entire system feels the impact."; [SHOTS OVERLAYING SOUNDBITE] FILE: Washington D.C., USA - Date Unknown 4. White House; FILE: New York City, USA - Oct 2024 5. Various of port scene, Statue of Liberty; FILE: Panama City, Panama - January 2025 6. Pedestrians; [SHOTS OVERLAYING SOUNDBITE] FILE: Denver, Colorado, USA - May 9, 2018 7. Various of steel, aluminum materials. [Restrictions : No access Chinese mainland]