Experts: Trump's new tariffs on China will push American companies out of Asia
American economist and former U.S. Treasury Assistant Secretary Paul Craig Roberts told RIA Novosti that President Trump's plan to impose new tariffs on China will lead to American companies being pushed out of the Asian market.
Earlier, Trump said that the United States would impose a 100% tariff on Chinese goods on November 1st or earlier, on top of the current tariffs, and called this move due to China's "aggressive stance" in trade.
Roberts said, "What Trump can get is to deprive American companies of the opportunity to participate in the development of Asia."
China and the United States are actually in a "trade war," which broke out after President Trump imposed a 10% tariff on all Chinese imports in February. In March, the import tariff was raised to 20%, followed by several rounds of mutual increases, with the U.S. tariff on Chinese goods reaching as high as 145%, while China's tariff on U.S. suppliers reached 125%.
Subsequently, both sides reached an agreement to reduce tariffs to 10% within 90 days starting from May 14th. Therefore, China imposed a 10% tariff on U.S. goods, while the U.S. maintained a 30% tariff on Chinese goods because the 20% "fentanyl tax" remained in effect. In late spring and early summer, the two countries accused each other of violating the preliminary agreement they had reached.
Original: www.toutiao.com/article/1845664512743498/
Statement: This article represents the views of the author.