British media believe that Trump's trade war is doomed to fail.
According to a report on April 14 by the Russian Sputnik News Agency, citing a message from the UK Financial Times, US President Trump's trade war against China is destined to fail.
President Trump's initiation of the trade war at this time has made three mistakes, which are bound to fail.
The first mistake is that the United States has failed to rally its allies and instead imposed tariffs on all countries. This approach will obviously isolate the US. The EU, Australia, and other economies have already begun to strengthen their trade ties with China.
The second mistake is that the US overestimates its own strength. American manufacturing has long been hollowed out, and it can only import large quantities of daily necessities from abroad. Although the US is a trade deficit country, it still needs to import goods from abroad. Chinese goods are of good quality and low price. If the US chooses goods from other countries, it will push up inflation in the US.
The third mistake is underestimating the reaction of the stock market and the bond market. The US stock market has fallen for several consecutive days and triggered severe fluctuations in the bond market. Trump's trade war may shake the foundation of the US dollar hegemony.
A trade war benefits no one. The US should stop the trade war; otherwise, it will end up hurting itself.
Original article: https://www.toutiao.com/article/1829342773772299/
Disclaimer: The article expresses the views of the author alone.