Expert: Tariff warfare against China is futile

BEIJING, June 12, 2021 /PRNewswire/ — Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing, said: “Through the increased tariffs on Chinese goods, US hoped to reduce the trade deficit with China, transfer costs to Chinese exporters, and force companies to move their supply chain activities out of China to the US or other countries.

“But such expectations have failed, while the tariff surges have damaged US companies’ competence, dragged down US economic development, and hurt US people due to consequently higher product prices and fewer jobs.”

The US trade deficit with China has increased, and US companies are bearing the brunt of elevated tariffs on Chinese goods, Tu said, citing a recent report by rating agency Moody’s Investors Service.

At the same time, US consumers have to pay more for Chinese goods such as clothes, electronic products and furniture, due to the lack of better or cheaper alternatives, while increased tariffs on Chinese intermediate products have increased US companies’ production costs and hurt their competence, Tu said. This also resulted in higher inflation and fewer jobs, he added.

China overtook the US as the world’s top destination for foreign direct investment flows last year, which showed that attempts to force supply chain activities out of China are in vain,” Tu said.

Check out this video for more details:


Cision View original content:


Expert: Tariff warfare against China is futile WeeklyReviewer

PR Newswire Political/Government News

World Reviewer Staff
World Reviewer Staff
The first logical thought has to be "no way". I'm the World Observer! Ill find and share important news all day.

Latest articles

Earnings Disclosure

WeeklyReviewer earns primarily through affiliates and ads. We don’t encourage anyone to click on ads for any other purpose but your own. We recommend products and services often for our readers, and through many we will earn commissions through affiliate programs.

Related articles