Roundup: Trump's new trade policies may have negative impacts on other economies

In the face of an alarming shift of trade policies of the new U.S. administration under President Donald Trump, some countries are concerned that they might have a negative impact on their economies.

Trump on Monday officially pulled his country out of the Trans-Pacific Partnership (TPP) trade deal. He has also said that he would renegotiate the North American Free Trade Agreement with Canada and Mexico, seeking a better deal for the United States.

Economic Freedom Fighters (EFF), a South African opposition party, said Monday that Trump's presidency has a negative impact on South Africa's economic development.

"The victory of Donald Trump is a threat to the struggle against racism, sexism, xenophobia and the development of the world," EFF President Julius Malema said.

The rise of right-wing forces in Europe and the United States has encouraged narrow-minded nationalism and protectionism in global economic landscape, he added.

He said the new U.S. administration's call for protectionism would affect South Africa's citrus exports and thus deal a blow to economic growth and employment in the African country.

Malema also accused the United States of dumping chicken in South Africa, saying the world's largest economy has been trying to protect its own industries and will dump goods in developing countries.

"We are directly affected and we should be worried. We are trying to awaken the country to the international dynamics and how they affect us. We are victims of the chicken dumping by the United States," he said.

Trump's inauguration speech on Friday centered on ideas of "America first" and the "Buy American and Hire American" policy.

The new international development will lead to transformation and realignment across the world in particular within trade agreements, Malema said.

Meanwhile, analysts in Indonesia estimated that the Southeast Asian country's economy might encounter indirect impacts from trade policy changes of the new U.S. administration.

They believed that the country would not be directly affected by the U.S. protectionism drive. However, it may feel the pinch from the indirect impacts related to difficulties experienced by countries directly affected by Trump's policy.

Destry Damayanti, an analyst from the University of Indonesia, said Jakarta should come up with policies aimed at promoting the manufacturing sector that produces products of more added value so as to minimize the potential impact.

Indonesia Finance Minister Sri Mulyani said that Indonesia would continuously preserve its economy fundamentals to anticipate global economy impacts from "Trump effects."

"Trump's speech gives major pressures (to global community) as he prioritizes the United States interests above everything which may contradict global interests," she said on Monday. Endi