-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> In depth -> 
Protectionist tariffs no solution for trade problems
    2018-04-03  08:53    Shenzhen Daily

U.S. protectionist measures of unilaterally imposing steep tariffs will not solve trade problems but only risk opening a Pandora’s box that will inevitably backfire on its own economy, said U.S. experts.

“The recent action by U.S. President Trump to slap tariffs on China outside of the established WTO rules ... is troubling,” Tom Watkins, an adviser to Michigan-China Innovation Center, told Xinhua in a recent interview. “While it has some short-term political benefit to President Trump’s political base of disenfranchised voters, it is unlikely to have any significant long-term economic benefit to working class people in America, nor address the real issue of free and fair trade imbalances,” Watkins said.

Many U.S. scholars echoed Watkins’ view, as Trump signed a memorandum March 19 that could impose tariffs on up to US$60 billion of imports from China and place restrictions on Chinese investments in the United States.

China’s Ministry of Commerce issued a warning the following day and China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting yesterday, according to the Ministry of Finance.

“Tariffs are not going to correct the trade deficit with China,” said Khairy Tourk, a professor with the Stuart School of Business of the Illinois Institute of Technology in Chicago. “The reality is that the tariff burden will fall on the silent majority, the consumers. This would be difficult for the middle class and it could backfire on those responsible for the price increases.”

Tourk said China’s measured response shows that Beijing is not eager to start a trade war. “Obviously, if the situation is to escalate, the global economy will suffer,” the expert added.

Scholars said the U.S. trade deficit is a problem, but not in the way Trump’s administration thinks. “The deficit reflects lack of savings,” said Tourk. It in fact reflects a deeper problem of imbalance in the flow of international investment. “The best policy to increase American exports is to increase productivity,” the professor said, adding this will require years to accomplish.

(Xinhua)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn