Nobody could win a trade war, American journalist warns Trump
American journalist, writer and political analyst Stephen Lendman says nobody could win a trade war, because everybody loses in such wars.
Lendman made the remarks in an interview with Press TV on Tuesday while commenting on an escalating threat of trade war the trade war between Washington and Beijing.
Trump on Monday targeted another $200 billion in Chinese imports with tariffs starting next week, drawing a strong reaction from Beijing.
On Tuesday, Trump suggested that the United States may enter a deal with China to end the trade war between Washington and Beijing.
“Everybody knows who knows about anything about trade that nobody could win a trade war. When it is waged, everybody loses, and nobody wins,” Lendman said.
“Well it began month ago when Trump threatened to impose tariffs on Chinese goods. Last July he did it on 50 billion dollars of Chinese products. Yesterday he announced new tariffs of 200 billion dollars of Chinese products that will be effective from September 24,” he added.
China hit back on Tuesday with levies on about $60 billion worth of US goods in retaliation for new US tariffs.
However, China has reduced the volume of tariffs that it will collect on the products. The Finance Ministry said on its website that the tariff rates will be levied at 5 and 10 percent, instead of the previously proposed rates of 5, 10, 20 and 25 percent.
The analyst warned that “there are more ways that China can retaliate against Trump’s hostile policy beside tit-for-tit imposition of duties. And I believe it’s happening. It can slow-down the procedures, bureaucratic procedures for US companies in China.”
The new tariffs, part of the Trump administration’s growing trade war with China, will be applied to more than 1,000 imported Chinese products.
The tariffs could reach 25 percent for some products although Trump has ordered his team to start with a 10 percent increase.
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