"The broad consumer masses do not benefit from tariffs and this is an example of 'Crony capitalism' where political power is used to privilege certain groups," Grubisic was quoted as saying.
ZAGREB, April 9 (Xinhua) -- The hefty tariffs introduced by U.S. President Donald Trump will end up harming the U.S. consumers the most, Croatian economic analyst Andrej Grubisic said in an interview with the Croatian Radiotelevision on Wednesday.
"The broad consumer masses do not benefit from tariffs and this is an example of 'Crony capitalism' where political power is used to privilege certain groups," Grubisic was quoted as saying.
"The introduction of tariffs is nothing more than the introduction of sanctions against one's own people, and only uncompetitive domestic producers benefit from it," he said, noting that tariffs "will cause more harm than good, which will become clear to everyone over time."
Amid widespread opposition, Trump signed an executive order last week on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" on all imports and higher rates on certain trading partners.
However, according to U.S. media, it is the U.S. consumers who will have to bear the brunt of the consequences of the tariffs, as economic research has shown that most of the economic burden ends up being borne by American consumers and the fallout from tariffs is already evident in the U.S. market.
In addition, Croatian economic analysts have warned that the U.S. tariffs are likely to cause uncertainties, including global inflation and even recession. ■
