Ankara: Turkish President Recep Tayyip Erdogan warned Wednesday that the trade war sparked by US tariffs threatens to unleash a storm affecting everyone. Speaking to the parliamentary bloc of his Justice and Development Party, Erdogan stated that the global system, established after World War II and solidified after the Cold War, is now crumbling at its foundations.

According to Qatar News Agency, Erdogan explained that nations are adopting policies aimed at strengthening society and the economy, not only in Asia, Europe, and America but almost everywhere, preparing for a new phase of conflict across broad domains, from trade and security to defense and population dynamics.

Erdogan emphasized that the world is rapidly transitioning from a unipolar system to a multipolar one, particularly in terms of economic and military capabilities. He noted that recent developments in this context should be seen as the labor pains of this new phase.

He highlighted that the aftershocks of the "earthquake" in capital markets have yet to subside, predicting that these developments will impact the global economy in three key ways: a contraction in trade volume, disruption of global supply chains, and increased inflationary pressures; a significant loss of market confidence due to escalating uncertainty; and volatility in commodity prices.

Erdogan suggested that these factors are likely to slow global growth rates, with some major economies potentially entering recession. However, he expressed confidence that Turkey would navigate this phase with ease, citing the relatively low US tariffs imposed on the country.