American experts acknowledge the ineffectiveness of its trade war with China

The world’s two largest economies have been embroiled in a trade war for the past four years, IRNA reported on Monday from China’s CGTN news website. Former US President Donald Trump, who started the trade war between the two countries in 2018 by imposing additional tax tariffs on Chinese goods, believed that “trade wars are good and we can easily win them.”

However, the former US president’s claim did not come true as many US businesses acknowledged that paying taxes would eventually lead to higher prices for American consumers.

“The continuation of tax tariffs is paid almost entirely by American consumers or companies,” wrote Marie Amiti, a US economist at the Federal Reserve Bank of New York in a 2020 research paper.

On the other hand, Neil Bush, the founder of the George W. Bush Center for Sino-US Relations, told reporters that punitive tariffs are a failed policy that must be changed. “In my opinion, tax rates were a very stupid idea from the beginning,” he said. “The increase in tax rates was on the American consumer, which seriously damaged American businesses.”

Accordingly, on May 23, US President Joe Biden announced that the trade tax tariff law with China would be reviewed and repealed.

Beijing has always urged Washington to remove tax tariffs on Chinese goods because it would benefit American companies and consumers as well.

According to Chinese customs data, trade between the United States and China increased by 28.7 percent in 2021 to $ 755.6 billion, making the United States China’s third largest trading partner after the Association of Southeast Asian Nations ( ASEAN) and the European Union remains in place.