尼克斯vs湖人录像 www.uniuiz.net Two years ago when the U.S. launched a probe into alleged Chinese intellectual property practices, few had expected the scale and scope of the trade tensions that are still rumbling on.
Amid the numerous twists and turns, rounds of talks were often met with setbacks: each time when the two countries seemed to be getting somewhere, the U.S. would make an unexpected move and forestall the progress.
While the two countries are still seeking to work out a solution with recent phone talks between chief trade negotiators, the uncertainties created by the drawn-out frictions threaten to rattle financial markets, hurt business sentiment and disrupt global supply chains.
All of these would be too much for the already fragile world growth.
Wrong way to balance trade
The fact that higher tariffs on Chinese goods since last year have not been beneficial for the U.S. plan to narrow the trade deficit should suffice to make policymakers rethink their strategy.
Official data showed in the first seven months of 2019, China's trade surplus with the U.S. came in at 1.15 trillion yuan (about 163.6 billion U.S. dollars), expanding 11.1 percent from the same period last year.
Benefiting no one, the tariff hikes are hurting every link of the supply chain.
Toys produced by Guangsheng Metal & Plastic Products Co. in south China's Guangdong Province are on the new list of goods subject to additional tariffs.
Zhai Suoling, chairman of the company, told Xinhua that his company might share part of the extra costs. "But either it's us or U.S. importers who will pay the tariffs, eventually the costs will pass on to consumers," he said.
The prevalence of Chinese goods across the world is a result of market forces. Despite the trade tensions, China's exports expanded 10.3 percent from a year ago to 1.53 trillion yuan in July, driven by steady demands from the European Union, Southeast Asia and Belt and Road countries.
If U.S. buyers are forced to turn to other places such as Southeast Asia, the costs are set to rise as it takes time to rebuild the supply chain, according to Zhai.