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Economics professor Jordi Gual stated at the IESE banking conference held in Madrid that recent tariff actions by the United States are expected to significantly weaken global economic openness in the next five to fifteen years. It is predicted that the extent of this anticipated contraction will be comparable to the impact of the past 25 years of liberalization, negatively affecting economic growth and leading to higher inflation. He also noted that while the direct impact on GDP may not be significant, deeper concerns arise from the increasing fragmentation and division of global value chains and the overall world economy. He said the key issue stems from widespread distrust and uncertainty towards current US government policies, which could severely impede investment and trade.