US President Donald Trump announced at the beginning of April a trade war with Canada, Mexico, EU countries and China, imposing import tariffs on goods. Beijing responded with similar measures, increasing duties on US goods up to 125 percent. The President of Kazakhstan Kassym-Jomart Tokayev in Shymkent expressed concerns about the possible global economic downturn and undermining international trade rules due to mutual tariffs. The US increased tariffs on imports from Kazakhstan to 27 percent, while for Kyrgyzstan, the base rate remained at 10 percent.
Former Prime Minister of Kyrgyzstan Akylbek Japarov believes that the minimal tariff and the country's geographical position between China, EAEU, and South Asia could become a competitive advantage. Economist Azamat Attokurov warned about possible reduction in raw material prices due to the US tariff war and the necessity to reorient towards other markets such as Central Asia, Mexico, and Canada. Experts forecast slowing of physical deliveries of goods with potential GDP decline for countries dependent on international cooperation.
The IMF and World Bank consider it unlikely that a repeat of the 2008 global financial crisis will happen due to reassessment of requirements for financial stability after the collapse. Economist Vladislav Inozemtsev noted that Trump's actions have led to significant destruction of wealth worldwide.