As part of the program Regional Initiative for combating disinformation “Western Balkans Combatting disinformation Center: Exposing malicious influences through fact-checking and Analytical Journalism“, we present you a new analysis of fake news and disinformation narratives.
Black Monday: The biggest market crash since 1929 and the onset of the Great depression
U.S. President Donald Trump has once again shaken the global economic scene with his announcement that, starting April 5, a base tariff of 10 percent will be imposed on all imports into the United States, with the possibility of additional duties reaching up to 49 percent for certain countries. Among those affected are the Balkan states, which are economically closely tied to both the EU and the U.S. market.
Trump announced this decision at a press conference held in the Rose Garden in front of the White House, describing it as a “declaration of independence” and stating that America is finally “putting itself first.” He emphasized that trade deficits are no longer just an economic challenge but represent a “national emergency,” directing his criticism at traditional trade partners such as Canada and Mexico, which he claims benefit unfairly from U.S. subsidies. In one of his most pointed remarks, Trump stated that “in trade, friends are often worse than enemies.”
With this move, Trump continues the aggressive trade policy he reignited upon returning to the White House, challenging the principles of free trade and opening the door to retaliatory measures and a potential rise in prices on a global scale.
Just one day before the U.S. tariffs came into effect, on April 4, 2025, China responded by announcing the introduction of a base tariff of 34 percent on all U.S. imports, without any exceptions. In addition, Beijing unveiled further measures such as export controls on rare earth minerals—critical to the tech industry—and restrictions on trade with American companies.
This escalation marks a significant deterioration in trade relations between the world’s two largest economies, with potentially serious consequences for global supply chains, especially in high-tech and raw materials sectors.
However, in the media landscape—particularly in Serbia—some pro-Russian outlets have further dramatized the situation. A notable example is the Sputnik news portal, which compared the new U.S. tariff regime to the Great Depression of 1929 and even the global financial crisis of 2008. These comparisons are, at best, inaccurate and, at worst, deliberately misleading. The causes of those crises differ fundamentally from today’s context, and the economic and social conditions in which they occurred were vastly different. The modern global system is significantly more resilient than in past decades, and mechanisms for oversight and international coordination are much more developed.
That’s why it’s important to approach media narratives with a critical mindset—especially those that lack context and aim to spread fear or panic. While Trump’s measures do represent a serious blow to the principles of free trade, their real impact will depend on how other countries respond and whether international institutions can prevent further deterioration. At a time when the world is already navigating geopolitical tensions and economic uncertainty, understanding the broader context and the real-world consequences of such decisions is more important than ever.
Author: Nataša Stanojević
