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Tariff hikes imposed by U.S. President Donald Trump could negatively affect American consumers and businesses, warns Wang Huiyao, founder and president of the Center for China and Globalization.
Wang says while the U.S. raises tariffs, China is lowering them, offering zero tariffs to 43 countries and expanding trade with Africa, Latin America and the Middle East. This shift could hurt the U.S. economy, he adds, citing Walmart as an example – its reliance on Chinese imports has dropped from 80 percent to 60 percent, leading to higher costs for American consumers.