Failure to tackle trade friction may fuel global economic turmoil: Zambian think-tank

Source: Xinhua| 2019-08-28 10:46:07|Editor: ZX
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LUSAKA, Aug. 28 (Xinhua) -- Failure to tackle the trade friction between the United States and China may fuel a global economic turmoil due to its ripple effects, a Zambian think-tank said Tuesday.

The trade friction started by Washington affects not only the two largest economies themselves but also other developing countries like Zambia, said Bernadette Deka-Zulu, the think-tank's executive director.

Resolving the trade row is in the best interest of all parties and the overall global economy, she said.

"All of us are being affected, so these wars must be sorted out. Smaller countries with small economies are highly dependent with our relationship with other countries as well. This (trade friction) should be put an end to," she said.

The U.S. government announced on Aug. 15 that it will impose additional tariffs of 10 percent on Chinese goods worth about 300 billion U.S. dollars in two batches, effective from Sept. 1 and Dec. 15, respectively.

In response, Beijing announced its decision on Friday to impose additional tariffs on U.S. imports worth about 75 billion dollars. Washington then vowed to retaliate with further tariffs later in the day, fueling fears of economic consequences that would spin out of control.