The world is in tatters, thanks to one man: the president of the United States of America, Donald Trump. Trillions of dollars are being lost globally each day as stock markets face near collapse like a stack of dominos.

Even social media pundits are having a field day when Trump’s tariffs extend to the uninhabited Heard Island and McDonald Islands in the Antarctic, where the only forms of life comprise colonies of penguins. Satirists had fun depicting penguins in revolt and protesting against the tariffs.

In March, just a couple of months into his second presidency, Trump announced sweeping measures to what he called unfair trade differences. The US was going broke, he said, and he wanted to lift the economy back to its glory days, whenever they were.

His solution was simple: charge everybody in the world.

He hit everybody, including the penguins and Hong Kong, which had a trade deficit with the US. That didn’t matter to Trump. To him, Hong Kong, as part of China, should be punished. He ignored the fact that Hong Kong is a member of the World Trade Organization in its own right and a  separate customs territory, and should be treated as such.

The Hong Kong Special Administrative Region government has rightly decided to complain to the WTO, as have several other countries protesting against Trump’s bullying tactics.

Trump fails to acknowledge that the world is not America, which will do whatever he demands. Many leaders of the countries and regions hit by the tariffs — which, except for China, were granted a temporary respite on Wednesday  — are basically (there are a few exceptions) run by level-headed politicians who will not stand for Trump’s tactics and will retaliate with countermeasures.

China is leading the push with countermeasures, including an 84 percent tariff hike on US goods imported into China. Trump hit back, raising tariffs on Chinese goods further to 125 percent. A trade war is on, and no holds are barred.

Trump blames China for the US’ trade deficit, just as he blames China for the abuse of fentanyl in the US.

Trade is trade. A deal is struck if someone wants to buy something and there is a seller. Therefore, the solution is not to impose tariffs but to slow down the importation of goods. That may be Trump’s thinking; by raising tariffs on the consumers, there will be less buying of overseas products. Who knows?

The same applies to the fentanyl issue when Trump blamed China for the drug abuse in the US. The drug is smuggled by criminal gangs into the US; it is the US government’s responsibility to stop its entry at border control points where there should be proper checks on contraband.

Markets worldwide were in flux as there was widespread confusion about how long Trump’s tariffs would remain in place and the effect they would have on consumers, given his unpredictability.

Financier Larry Fink, CEO of Blackrock, told the Economic Club of New York on Monday that the US is already in recession.

The US markets opened on Monday with swings rivaling a yoyo’s. Wall Street’s Dow Jones opened down 4 percent, later settled down 2 percent, and closed 3.98 percent down. Standard and Poor’s closed down 4.84 percent. The movements reverberated across European markets — losses on the UK’s FTSE 100 briefly eased before sharpening again in line with the US’ benchmark index. The market fell more than 4 percent in Australia, the biggest plunge since 2020, after a cliff drop of 6 percent. Hong Kong’s Hang Seng Index plunged 13.2 percent, its most significant decline since October 1997, while the Shanghai Shenzhen CSI 300 Index fell 6 percent.

Those most likely to suffer will be US consumers and producers alike. Producers are being hit with a double whammy: Locally made goods are being boycotted in Canada because of Trump’s threat to take over his northern neighbor, and there is a 25 percent price hike on goods imported from around the world. Prices for imported fruit and vegetables are skyrocketing, and purchasing a new car is becoming out of reach.

Ordinary people are getting hurt. US citizens are making their feelings known in no uncertain terms. During the weekend, millions took to the streets in unity across the country protesting against Trump’s tariffs and other economic measures. Big names in the entertainment world are publicly denouncing Trump and fleeing the country.

The world is in for a bumpy ride, perhaps outdoing the post-COVID-19 crisis. Investors need to be cautious about whether to take long-term or short-term stock positions.

The author is a former chief information officer of the Hong Kong Government, a PR and media consultant and a veteran journalist.

The views do not necessarily reflect those of China Daily.