[Source/Observer Network, Liu Chenghui] The global backlash triggered by the US White House's tariff policies has become increasingly intense, and the determination of China's countermeasures has made a number of US politicians feel anxious.

At the Senate Finance Committee hearing held on April 8 local time, US Trade Representative Jamieson Greer was subjected to sharp questioning from senators regarding the escalation of the trade dispute between China and the US, but he could not explain the strategy behind the tariff policy or how the White House would respond to China's countermeasures. A Democratic senator blasted Greer, saying that he seemed to have "no strategy" regarding China's measures; even Republican lawmakers expressed strong dissatisfaction with Trump's tariff policies - if it turns out to be wrong, who should I hold accountable?

According to Hong Kong English media South China Morning Post and others, in response to questioning from both parties' senators, Greer told the attending senators that Trump's new tariff policy is proving effective. "Nearly 50 countries have personally discussed the president's new policy with me and explored how to achieve reciprocity. Our huge and long-standing trade deficit has been around for more than 30 years, and while it cannot be solved overnight, all of this is moving in the right direction."

April 8, US Trade Representative Jamieson Greer questioned at Congress. C-SPAN

Greer admitted that "sometimes adjustments in tariffs bring challenges," but he expressed confidence that Americans can "rise to the challenge."

Multiple foreign media outlets noted that countries under pressure from Trump's tariff threats have adopted different response strategies, and China has taken a tougher stance than other countries, vowing that if the US continues to escalate the trade war, China will "see it through to the end."

Foreign Ministry spokesperson Lin Jian emphasized again on April 8 that there are no winners in a trade war or tariff war, and protectionism offers no way out. The Chinese do not provoke trouble, nor are they afraid of it. Pressure, threats, and extortion are not the correct ways to deal with China.

China's determination to counterattack has caused concern among American lawmakers present. Although Greer described China's counterattack as "unfortunate," he could not explain the strategy behind the global tariffs or the efforts the White House has made to respond to China's countermeasures.

Greer also acknowledged China's dominant position in the processing of key minerals and warned that the US is in a "dangerous" situation, requiring urgent action in trade, regulatory, and environmental policies.

Ron Wyden, a Democratic senator from Oregon, described the handling of China issues as seemingly having "no strategy at all."

Criticism also came from within the Republican Party.

"If it turns out to be wrong, whose neck should I twist?" Thom Tillis, a Republican senator from North Carolina, was similarly dissatisfied. "It seems we are determined to launch a trade war on all fronts. If the person who came up with this idea can explain why we are targeting partners with long historical ties, then that's fine."

"Good luck to you, but I am skeptical," he said.

North Carolina Republican Senator Thom Tillis questions Trump's tariff policy. C-SPAN

Tillis is one of the few Republican senators who expressed concerns about the impact of Trump's tariffs. He has consistently criticized Trump's tariff policies and protectionist policies. After Trump announced last week the imposition of "reciprocal tariffs," Tillis questioned whether the Trump administration had formulated corresponding strategies to rebalance trade.

Republicans criticizing Trump's tariff policies pointed out that the trade war during Trump's first term as president dealt a heavy blow to American agriculture, with losses amounting to billions of dollars due to retaliatory measures from other countries.

Chuck Grassley, a Republican senator from Iowa, said at the hearing that although he supports Trump's trade goals, the president has been granted too much power.

Grassley said: "Throughout my career in public office, I have clearly stated that I support free trade and fair trade. The Constitution grants Congress the power to manage interstate and foreign trade. I believe that Congress granted the president too much power in the Trade Expansion Act of 1962 and the Trade Act of 1974."

After the US stock market suffered consecutive "bloodbaths" on April 3 and 4, it experienced another bout of extreme volatility this week.

By the close of trading on April 8, the Dow Jones Industrial Average fell by 0.84%, dropping over 2300 points from its high, closing at 37645.59. The Nasdaq Composite Index fell by 2.15%, closing at 15267.91. The S&P 500 Index fell by 1.57%, closing at 4982.77, falling below 5000 for the first time since April last year.

Compared to the recent high on February 19 this year, the S&P 500 Index has fallen by 18.9%, just one step away from entering a "bear market." According to Wall Street definitions, a 20% drop from the previous closing high constitutes a "bear market."

Analysts believe that the stock market crash has put tremendous pressure on Trump's tariff policies, but forcing Trump to change his stance may require further declines.

"As tariff policies move from headlines to reality, large amounts of hard data will inevitably accumulate and weaken approval ratings—especially if the US enters a recession as widely predicted now," wrote Henrietta Treze, co-founder of consulting firm Veda Partners in a report to clients. "Several days of 3% market declines indeed attract congressional attention, but what truly drives action is the duration and intensity of the decline."

This article is an exclusive piece by Observer Network and cannot be reprinted without permission.

Original: https://www.toutiao.com/article/7491122844970074639/

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