Commentary: U.S. tariff hikes self-willed, unwise

Source: Xinhuanet| 2019-05-21 17:13:01|Editor: mingmei
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BEIJING, May 21 (Xinhuanet) -- The new round of U.S. tariff hikes on Chinese goods is self-willed and unwise, as slapping higher tariffs on Chinese imports cannot fix any trade problem between China and the United States, but will only hurt American consumers and businesses.

In the latest flare-up of trade tensions between the world's two largest economies, Washington increased additional tariffs on 200 billion U.S. dollars' worth of Chinese imports from 10 percent to 25 percent earlier this month and has threatened to raise tariffs on more Chinese imports.

A string of trade disputes stirred up by the United States against China has not only harmed the interests of American farmers, businesses and consumers, but also dragged its economy, squandered its creditability and tarnished its national reputation.

U.S. industries have voiced a wave of opposition to tariff hikes against imports from China.

Several industrial groups including the American Soybean Association, the National Retail Federation and the Information Technology Industry Council denounced the move, saying it will jeopardize American jobs and increase costs for consumers.

U.S. soybean farmers are frustrated, and they yearn for "trading as normal" with China, President of the American Soybean Association (ASA) Davie Stephens said.

Voices from U.S. economists and scholars also clarify that the American farmers, manufacturers and consumers are paying the price.

Jacob Lew, who served as U.S. secretary of the Treasury from 2013 to 2017, said that the consequence brought by Washington unilateral tariffs goes beyond what percent of GDP growth will be lost, and the long-term risks is substantial.

A study published by U.S. economists shows the additional tariffs cost U.S. consumers and importers 4.4 billion dollars every month last year.

History has proven how wrongheaded and unwise the U.S. tariff move is .

However, decision-makers of Washington turn deaf ears to these voices and truth and continue to take self-willed and impulsive actions against China, regardless of the negative spillover on its own economy it may trigger.

Raising tariffs and taking unilateral measures only harm the interests of the people and businesses of the two countries. In this regard, China takes a firm stance on safeguarding its legitimate interests.

China hopes Washington could get back on the right track as soon as possible and meet China halfway in achieving a mutually beneficial and win-win situation on the basis of mutual respect.