This is a news report from chinadaily.com.cn.
BEIJING, June 12, 2021 /PRNewswire/ -- Tu Xinquan, dean of
the China Institute for WTO Studies at the University of
International Business and Economics in Beijing, said: "Through the increased tariffs
on Chinese goods, US hoped to reduce the trade deficit with
China, transfer costs to Chinese
exporters, and force companies to move their supply chain
activities out of China to the US
or other countries.
"But such expectations have failed, while the tariff surges have
damaged US companies' competence, dragged down US economic
development, and hurt US people due to consequently higher product
prices and fewer jobs."
The US trade deficit with China
has increased, and US companies are bearing the brunt of elevated
tariffs on Chinese goods, Tu said, citing a recent report by rating
agency Moody's Investors Service.
At the same time, US consumers have to pay more for Chinese
goods such as clothes, electronic products and furniture, due to
the lack of better or cheaper alternatives, while increased tariffs
on Chinese intermediate products have increased US companies'
production costs and hurt their competence, Tu said. This also
resulted in higher inflation and fewer jobs, he added.
"China overtook the US as the
world's top destination for foreign direct investment flows last
year, which showed that attempts to force supply chain activities
out of China are in vain," Tu
said.
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