NDB president: U.S. can't get rid of current account deficit through high tariffs

The United States has been arbitrarily imposing tariffs on countries in an attempt to address issues stemming from the dollar's hegemonic status – an approach that will ultimately fail and harm its own economy, said Dilma Rousseff, president of the New Development Bank (NDB). In an interview with China Media Group (CMG) in Shanghai on Monday, the NDB president stated that the U.S. has made a grave mistake by initiating the current trade war.

I think this trade war is perhaps the biggest mistake a country could make. In this trade war, all countries were categorized in a chart, with vague criteria and contradictory financial formulas applied. All nations were subjected to enormous tariff pressure, said Rousseff.