China-US Trade War: Expert: Conflicts will hurt US, global interests

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01:58

As China-US trade tensions run high, China's top think-tanks say the US' trade war will damage its own interests and rattle the global economy. At a Chinese Academy of Social Sciences forum Wednesday, worried economists also pointed to the road to salvation. CGTN's Sun Ye has more.

Tariffs, company embargoes, and hard-line rhetoric from the US to China. Experts say the US has been waging a war entirely on false grounds.

LI YANG, CHAIRMAN NATIONAL INST. FOR FINANCE AND DEVELOPMENT CHINESE ACADEMY OF SOCIAL SCIENCES "The US claims it is deeply wounded from a 500 billion dollar trade deficit with China. But those who know anything about international economies will point out, that deficit comes IN EXCHANGE for goods and services, and for improved livelihood."

Experts say if the US carries on with those sentiments, there will be heavy collateral damage.

CAI FANG, VICE PRESIDENTCHINESE ACADEMY OF SOCIAL SCIENCES "The US actions will not only mean losses on the part of the US and China. Other countries will hurt, whether developed or developing. It will hurt the global order and sabotage global growth."

China has said time and again that it doesn't want a trade war but will fight if necessary. And experts say for minimal damage, the way out is still, talk, which is in the best interest of all.

SONG HONG, DEPUTY DIRECTOR INST. OF WORLD ECONOMY AND POLITICSCHINESE ACADEMY OF SOCIAL SCIENCES "At this stage, tension can only be resolved with negotiations under equal terms. Not under the '301' framework, but through bilateral FTA negotiations, restarting the Bilateral Investment Treaty (BIT) negotiations, and talks within the Free Trade Area of the Asia-Pacific (FTAAP)."

China has been reiterating its stance, most recently in a white paper released Sunday, that conflicts will hurt both countries, and that cooperation is the only way to go. SY,CGTN,BJ