AsianFin -- Tadashi Yanai, Japan’s richest man and CEO of Fast Retailing, the operator of fashion brand Uniqlo, cautioned on Monday that the United States may bear the heaviest consequences from the impact of global trade tariffs.

Speaking on the sidelines of a Uniqlo event in New York City, where the company was showcasing its LifeWear clothing line alongside an art collaboration with Japan’s Toray Industries and The Museum of Modern Art, Yanai expressed concerns over the economic fallout from broad tariffs imposed under the administration of U.S. President Donald Trump.

"I'm afraid the world could go bankrupt," Yanai said through a translator. "America is the one that could suffer the most," he added, though he did not provide further details.

Yanai has previously been vocal about the potential risks that tariffs and escalating trade tensions pose to the global economy, emphasizing the far-reaching consequences for businesses and consumers alike.