US tariff escalation hurts both sides
By Zhong Sheng
How will the
latest wave of tariffs imposed by Washington on Chinese goods affect the US
itself? Obviously, the American people have already felt the impact, as the new
move has extensively affected various consumer products in the US market,
ranging from craft beer to musical instruments and children’s books.
All relevant
analyses have indicated the same fact that some US politicians ignored the real
situation when they claimed that “tariffs have had a tremendous positive
impact,” and “so far our consumer is paying nothing”.
These
politicians should really pay attention to the widespread protests against and
condemnation of their arbitrary decision to impose additional tariffs on
foreign imports and seriously face the mounting dissenting opinions and
complaints of American people.
As economic
globalization remains an irresistible trend in today’s world, the economic
development of various countries is highly interdependent. The US was totally
running counter to the basic laws of economics by constantly escalating
tariff threat against other countries.
Such reckless
moves of the US are hurting the interests of American enterprises and will end
up causing American consumers to pay the price, and making China, the US
itself, and the whole world suffer economic losses.
Researchers of
the International Monetary Fund (IMF) recently discovered in data from
the US Bureau of Labor Statistics that almost all the extra costs
caused by tariffs imposed on Chinese goods are borne by American importers and
consumers.
A report
released by the New York-based global financial services firm JPMorgan Chase
& Co. suggested that the tariffs that have already been imposed by the US
on Chinese imports are estimated to cost the average American family $1,000 per
yearif Washington carries on with its latest plan to levy tariffs on Chinese
goods.
US think tank
Trade Partnership’s recent study showed that if the US imposes 25 percent
additional tariffs on all US imports from China, its employment market will
lose 2.16 million jobs.
Both US
enterprises and public have realized clearly that by fanning the flames of
trade frictions with China under the disguise of defending US interests, some
American politicians just want to fool public opinions for private gains, and
that such mean tricks will only drag the US into an economic downturn.
While some
Americans recently preached decoupling the US from China would be better for
the US, analyses of the current situation by those Americans who are still
sober indicated that decoupling the US from China will only lead to recession
in the US.
“In seeking to
decouple the United States from China, Trump will succeed at only one thing:
Decoupling the United States from the global economy,” said an article
published on the website of the Foreign Policy Magazine.
This August, The
Wall Street Journal published two commentaries with the topic “Navarro
Recession”, criticizing the propositions of bigoted politicians in Washington’s
policymaking circles, with Peter Navarro, Director of the White House National
Trade Council, being a typical example.
Washington’s
trade policy is “eroding the US economic growth” and “courting recession”, read
the commentaries.
Andrew Collier,
Managing Director and Founder of research firm Orient Capital Research, pointed
out sharply that the US decision to impose new tariffs on Chinese goods is “a
sword at the throat of the American economy more than the Chinese economy.”
There will be no
winner in a trade war. However, some American politicians still don’t quit
wielding the big stick of tariffs, regardless of the increasing pain they’ve
inflicted on relevant US industries, enterprises, and consumers through willfully
imposing tariffs on foreign products.
(Zhong Sheng is a pen name often used by People’s
Daily to express its views on foreign policy.)
US tariff escalation hurts both sides
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