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‘Price to pay’ for continuing China-US trade war without lifting tariffs: scholar

蘋果日報 2021/06/02 20:05


A video call between senior officials from China and the United States on Wednesday was keenly watched for signs of a thawing in relations, but observers agree that a rollback of tariffs imposed during the administration of Donald Trump is unlikely.
U.S. Treasury Secretary Janet Yellen held what was described as an “introductory” video call with Chinese Vice Premier Liu He. The Department of the Treasury said that Yellen discussed the importance of cooperating on areas that are in U.S. interests “while at the same time frankly tackling issues of concern.”
Kevin Tsui, associate professor of economics at Clemson University, told Apple Daily that both sides would pay a price for continuing the trade war which began under then U.S. President Trump, especially during the COVID-19 pandemic.
Tsui added that the U.S. Congress might see more opposition voices, including from President Joe Biden’s own Democratic Party, who could advocate for a decoupling of economic issues from matters involving human rights and democracy.
The economics academic expected Biden to handle relations with China in a more formalized manner, rather than the individual whims which guided Trump’s approach.
Tsui agreed with a conclusion in a recent report from the China Finance 40 forum, which said that the Biden administration would not remove tariffs on China for the time being.
However, Tsui said, a gradual reduction of the tariff rate or the scope of the taxes would be a feasible approach.
He said that the categories of goods subject to the duties was an issue of great importance to businesses because, if only a small portion of goods came under the tariffs, businesses could find some leeway.
China-U.S. relations have remained tense since an abortive summit in Alaska in March. On that occasion, officials from the two countries shared angry words while appearing in front of the media at the start of the first meeting session.
Wednesday’s talks between Yellen and Liu followed another virtual meeting last week, conducted between Liu and U.S. Trade Representative Katherine Tai. The earlier video call was described as a “candid exchange” in which Tai discussed “her ongoing review of the U.S.-China trade relationship, while also raising issues of concern.”
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