Web Summit CEO says US tariffs 'a huge mistake'

Paddy Cosgrave, co-founder and Chief Executive Officer of Web Summit Limited - the private company that organizes Web Summit and similar conferences across the world - said on Sunday that the U.S. tariff measures are "a huge mistake."

Cosgrave made the remarks during an online interview on the sidelines of the Web Summit Rio, held in Rio de Janeiro, Brazil, from April 27 to 30. The event is part of a series of Web Summit activities, including the flagship technology conference held annually in Lisbon since 2016.

"It's a huge mistake by the United States. They've decided to turn over the card that determines whether they are the hegemon anymore. It's quite clear we no longer live in a unipolar world," Cosgrave said via video link, commenting on the broader impact of the U.S. tariffs on trading partners, including China.

"The United States doesn't really produce much. There's a huge dependency on China for supply chains," he added.

According to an earlier report by the Financial Times, the U.S. accounts for just 13 percent of global goods imports, a decline from nearly one-fifth two decades ago.

Data from the Chinese authorities shows that China remains America's second-largest source of imports, with U.S. imports from China accounting for 13.8 percent of the country's total imports in 2024.

Commenting on the escalating trade tensions initiated by the U.S. administration, Cosgrave said: "The U.S. is in a terrible place, and eventually Trump is going to have to back down."

Regarding China's growing influence in the global arena, Cosgrave observed that the Asian country will play a significant role. He noted that China has built up "incredible industrial competence" carefully and strategically, with its education system and research capacity standing at a leading level globally.

Each year, the Web Summit conference brings together a global community of founders, entrepreneurs, business leaders, and investors to connect and exchange ideas about the technology and trends shaping the world.

Since its launch in Dublin in 2009, Web Summit events -- including Web Summit in Lisbon, Web Summit Rio in Brazil, Web Summit Qatar in the Middle East, and RISE in Asia -- have gathered nearly one million people, according to the organizer.

Its newest event, Web Summit Vancouver, will take place from May 27-30.

"We've continued to expand. We started with the event in Europe many years ago, and we've expanded elsewhere in the world," Cosgrave said, adding that the company is now eyeing opportunities in Hong Kong or nearby cities in Asia.