International Chamber of Commerce (ICC): Global Supply Chain Suffers Massive Disruptions On US Tariffs

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The Treasurer and Chairman, International Chamber of Commerce (ICC), Dr. Omolola Akanji, has linked the controversial United States (US) reciprocity tariff orchestrated by President Donald Trump to have caused severe disruptions to global supply chain, with $5 million in global wealth erased and approximately $500 million plummeted due to the inability to exercise free import and export globally.

Dr. Akanji, who stated this in an interview with New Telegraph, said, currently, the global trade was under tension following the trade tariff as supply chain, transactions, finance, import and export are under siege. She said: “On April 2, 2025, America woke up to something we hadn’t seen since the great depression, a sitting President invoking emergency powers to impose a 10 per cent baseline tariff on nearly every import; we called it liberation day.

“Can you see what that would do to supply chain, to transactions, to finance, to import and export? So by April 8, over $5 million in global wealth has been erased, approximately $500 million plummeted. So with this scenario, adopting to global trade is crucial for businesses and economy to remain competitive and resilient.

“Currently, we have global trade tensions and we also have in our domestic environment governance issues, and slow down in consumers’ demand. That has pointer to the needs of supply chain to rise up to the challenge that we are having both local and international markets.

“These two situations are also impacting on monetary policy. If you don’t have money you cannot procure, if you don’t have money you cannot do supply chain, and so, these things are intertwined and they are very much related. “Having said that, there are key issues that we need to look into; one of it is the shifting in global economic power. “We have the rise in emerging markets particularly in Asia.

Asia is reshaping global trade dynamics. If you go up there now, about two, three buildings, you will see Chinese building. “They are all over, all over the world and they are really shaping the trade dynamics regionally. The second point that we would look at is the trade agreement and policy. Changes in trade agreement, tariffs and policy can significantly impact global flows.

The third point is digitalisation and e-commerce. “The growth of e-commerce and digital platform is transforming the way goods and services are traded globally. On this same key issue, the most important and efficient is sustainability and environmental concerns.” She added that “in this era, a lot of transactions pitch so closely on what is called environmental, sustainability and governance.

If you cannot mention those three dimensions in your business, you maybe losing a lot. And supply chain requires for you to have ESG dimension in your transaction. And ESG dimension is going further to use (AI) Artificial Intelligence.

“Because in supply chain you need copious database. And database is so crucial not in those days where we used ruler to adjust spreadsheet so spreadsheet cannot help you now you need to be strongly involved in artificial intelligence. “So for sustainability and environmental concerns there is increasing concerns about climate change sustainability and environmental impacts they are also driving supply chain.”

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