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Trade wars don't benefit anyone, it's time for the US to reconsider and remove tariffs sooner rather than later

Trade wars don't benefit anyone, it's time for the US to reconsider and remove tariffs sooner rather than later

aaron wangluo 2022-05-14 10:35:21

Trade wars don't benefit anyone, it's time for the US to reconsider and remove tariffs sooner rather than later

At the regular press conference of the Ministry of Foreign Affairs this afternoon (11th), a reporter asked the spokesperson on issues related to the US trade war with China.
In this regard, Zhao Lijian said that the essence of China-US economic and trade cooperation is mutual benefit and win-win results, and there is no winner in trade wars and tariff wars. U.S. unilateral imposition of tariffs is not good for China, the United States, and the world.
Zhao Lijian said: "I can also cite a set of data mentioned by Chinese Ambassador to the United States Qin Gang in a recent interview with Forbes. So far, the trade war has not reduced the US trade deficit. On the contrary, the trade war has caused US companies and US consumers. Increased spending. Since the tariffs took effect, they have cost U.S. companies more than $1.7 trillion and have added $1,300 a year to U.S. household spending.”

Zhao Lijian also pointed out that in the first three years since the start of the trade war, namely 2018, 2019 and 2020, the US exports to China in each of these three years were lower than the level before the trade war, namely 2017. The U.S. lost more than 240,000 jobs during this period, and these figures are a strong indication that a trade war is not good for anyone. It is time for the U.S. government to reconsider and remove these additional tariffs as soon as possible.