MOSCOW, August 7. /TASS/. The introduction of trade tariffs by US President Donald Trump will lead to a slowdown in global economic growth and a reduction in demand, and a recession scenario is not excluded, Boris Kopeikin, chief economist at the Pyotr Stolypin Institute of Growth Economics, told TASS.

On August 1, Trump signed an executive order imposing tariffs ranging from 15% to 41% on the European Union and more than 60 other countries. The tariffs will take effect on August 7. The nations that are expected to face the highest tariffs include Iraq (35%), Serbia (35%), Switzerland (39%), Laos (40%), Myanmar (40%), and Syria (41%).

"The restrictions introduced by the US will affect consumption and production volumes in a number of countries. The result will be a slowdown in global economic growth and a reduction in demand on a global scale. A recession scenario cannot be ruled out for a number of countries," Kopeikin believes.

According to the expert, these expectations are already being taken into account by businesses around the world, and therefore, they affect plans for investments in future growth in the production of goods and services.

"Markets are trying to put in the prices the effects of news, including decisions on new tariffs at the time of their announcement," the expert said.

"There will also be more long-term and painful consequences," Kopeikin is convinced.

He noted that some consequences are already visible. Amid the announcement of the introduction of 39% duties on supplies to the US, not only the Swiss franc, but also shares of chemical and pharmaceutical companies and banks have noticeably plunged, he said.

In the meantime, the US has already recorded an increase in import prices, including not only for consumer goods.

"Due to tariffs, prices for steel and aluminum have increased, which means that prices for many goods produced using them in the United States itself will also grow. Construction costs are rising, while production growth in the country requires huge investments and time," the expert said.

The economist is convinced that in order to invest in the production sector, businesses must be confident in the immutability of their policies in the long term.