xinhua silk road logo xinhua silk road logo
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

maritime silk road search
Trade

U.S.-initiated trade war with China dampens global economic growth: scholar

September 03, 2019


Abstract : The spillover of the U.S.-initiated trade war with China will have a more serious impact on global economy, a U.S. scholar has said.

HOUSTON, Sept. 2 (Xinhua) -- The spillover of the U.S.-initiated trade war with China will have a more serious impact on global economy, a U.S. scholar has said.

Jon R, Taylor, political science professor and department chair at the University of Texas at San Antonio, told Xinhua in an interview last week that the economic chaos being created between the two largest global economies has impacts on the world.

"While we may not notice it very much in the United States yet, other parts of the world are already noticing it, and they're going to notice it even more," Taylor said.

The professor said the year-long trade dispute has hit American economy hard, especially the agriculture sector.

"I think in particular farmers in Iowa and other farmers throughout the Midwest are being seriously hurt by the tariffs. They are wrecking the livelihoods, not only of individual farmers but the corporate farmers as well," he said.

He cautioned that if the trade friction continues, the United States "will be in a recession, probably sometime during the (U.S.) presidential election year."

Besides, he argued, the trade friction could also create political instability in the world.

"Economic instability leads to political instability, which leads to civil war, riots and political unrest," he said, adding that countries that are already going through hard times economically are more vulnerable to such impact.

U.S. President Donald Trump tweeted earlier that his administration would raise the 25-percent tariff already placed on 250 billion U.S. dollars' worth of Chinese imports to 30 percent, and that the 10-percent tariff on the remaining 300 billion dollars' worth of Chinese goods scheduled for Sept. 1 would go up to 15 percent. China also announced countermeasures.

China on Monday announced that it had filed a case at the World Trade Organization (WTO) against the United States following Washington's recent tariff measures.

The tariffs imposed by the United States severely violated the consensus reached by the two heads of state in Osaka, a statement released by China's Ministry of Commerce said, adding that China is extremely dissatisfied with and resolutely opposes the tariffs.


Scan the QR code and push it to your mobile phone

Keyword: China-U.S. trade

Reading:

Chinese companies see promising market in Syria during Damascus int'l fair

Chinese, Bangladesh companies sign MoU on jointly building new energy projects

Economic Watch: A-share listed firms' robust performance highlights China's economic resilience

Zhengzhou Airport, Thailand EEC inks MoU to strengthen coop. in aviation industry

Liuyang Steamed Cuisine Creative Food Show held in Beijing

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial