Experts and media express concerns after U.S. new tariff announcement
Zheng Yibing, Xu Xiaoxiao
With the 13th round of negotiations set for September 1, many are hesitant to expect progress. Experts are saying additional tariffs would not bring benefits to anyone, including the U.S. itself. This came after Washington announced a new 10-percent tariff on 300 billion U.S. dollars worth of Chinese goods.
What have experts and the media said?
Fox News anchor Chris Wallace raised multiple reasons why the U.S. should not take actions that would increase trade tensions with China, among which one is his quote from the U.S. Federal Reserve System Chairman Jerome Powell, who says the trade war has affected the U.S. economy.
The anchor also mentioned a recent Goldman Sachs report that said it was the U.S. companies and consumers that are negatively affected by the tariffs, not Chinese companies. He went on to say that the tariffs were causing consumer prices to rise.
According to Wallace, once the new tariffs go into effect, the cost of living for an average American family with four people would increase another 350 U.S. dollars from the current cost of 850 U.S. dollars based on current tariffs.
Australia's minister of trade said in an interview on Sunday that if the new tariffs on Chinese goods are imposed, it would breach World Trade Organization rules. And he said a bigger and more immediate concern was that the global economic growth might worsen.