Kicking off a trade war is an 'own goal' by the United States

CCTV Published: 2018-07-11 22:43:27
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On June 1, the United States introduced unilateral tariffs on steel and aluminum products from the European Union, and it has been provoking economic and trade frictions with China. This recent bout of trade protectionism has aroused opposition in many countries. As Derek Thompson, a senior editor at The Atlantic, said in an interview: "There have been nine own goals in the World Cup so far this summer. That's the highest number in tournament history. This (U.S. trade war) is the tenth own goal of this summer".

[File Photo: VCG]

[File Photo: VCG]

U.S. media: Economic and trade frictions will cause huge losses for the U.S.

Recently, some mainstream media in the United States have been paying close attention to the domestic impact of the China-US economic and trade frictions. Some analysts believe that the trade war is likely to have an impact on the mid-term elections in November. If President Trump insists on a trade war, he is likely to face political pressure from voters and from inside the Republican Party itself.

"Eighty-seven percent of the computer companies in China that are subject to this tariff are not Chinese, and a lot of them are American," explained Derek Thompson. "Of the 30 districts that are most affected by the soybean tariffs that China has now implemented in the United States, 25 of them voted for Trump. This is a self-inflicted wound. We are taxing ourselves in order to punish China for a completely unrelated tech problem".

Asa Hutchinson, the Republican Governor of Arkansas. [Screenshot: CCTV]

Asa Hutchinson, the Republican Governor of Arkansas. [Screenshot: CCTV]

The Republican Governor of Arkansas, Asa Hutchinson, said in an interview with NBC that agriculture is the state's largest industry, and warned that China's 25 percent countermeasure tariff on American soybeans will cut Arkansas' soybean revenue by two-thirds. "We rely on our exports overseas in terms of products, and agricultural products more specifically. We are hurt both by the tariffs that we impose and by the tariffs that come back in the retaliatory fashion," the governor said. 

Nordic countries oppose U.S. trade protectionism 

The unilateral American moves towards protectionism have provoked widespread controversy in the Nordic countries. Finland's Minister of Foreign Trade and Development said that the American claim that the tariffs on steel and aluminum products were needed for national security reasons was far-fetched.

Compared with Finland, Denmark will experience heavier economic losses as a result of the tariffs, because it is an important supplier of auto industry parts for the United States as well as steel and aluminum products. According to the Danish Federation of Industry, the tariffs will result in a loss of around 30 million U.S. dollars in exports.

Norway is also going to take an economic hit as a result of the tariffs, as it is a major producer of aluminum. Speaking with China Central Television on Wednesday, a spokesperson from Norway's national federation of industry and commerce said that they were concerned about the American decision to violate World Trade Organization rules. The spokesperson said that manufacturing and trade are more closely linked than they have ever been before, and that imposing barriers on trade is not in anyone's interest.

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LU Xiankun Professor LU Xiankun is Managing Director of LEDECO Geneva and Associate Partner of IDEAS Centre Geneva. He is Emeritus Professor of China Institute for WTO Studies of the University of International Business and Economics (UIBE) and Wuhan University (WHU) of China and visiting professor or senior research fellow of some other universities and think tanks in China and Europe. He also sits in management of some international business associations and companies, including as Senior Vice President of Shenzhen UEB Technology LTD., a leading e-commerce company of China. Previously, Mr. LU was senior official of Chinese Ministry of Commerce and senior diplomat posted in Europe, including in Geneva as Counsellor and Head of Division of the Permanent Mission of China to the WTO and in Brussels as Commercial Secretary of the Permanent Mission of China to the EU. Benjamin Cavender Benjamin Cavender is a Shanghai based consultant with more than 11 years of experience helping companies understand consumer behavior and develop go to market strategies for China. He is a frequent speaker on economic and consumer trends in China and is often featured on CNBC, Bloomberg, and Channel News Asia. Sara Hsu Sara Hsu is an associate professor from the State University of New York at New Paltz. She is a regular commentator on Chinese economy. Xu Qinduo Xu Qinduo is CRI's former chief correspondent to Washington DC, the United States. He works as the producer, host and commentator for TODAY, a flagship talk show on current affairs. Mr. Xu contributes regularly to English-language newspapers including Shenzhen Daily and Global Times as well as Chinese-language radio and TV services. Lin Shaowen A radio person, Mr. Lin Shaowen is strongly interested in international relations and Chinese politics. As China is quite often misunderstood in the rest of the world, he feels the need to better present the true picture of the country, the policies and meanings. So he talks a lot and is often seen debating. Then friends find a critical Lin Shaowen criticizing and criticized. George N. Tzogopoulos Dr George N. Tzogopoulos is an expert in media and politics/international relations as well as Chinese affairs. He is Senior Research Fellow at the Centre International de Européenne (CIFE) and Visiting Lecturer at the European Institute affiliated with it and is teaching international relations at the Department of Law of the Democritus University of Thrace. George is the author of two books: US Foreign Policy in the European Media: Framing the Rise and Fall of Neoconservatism (IB TAURIS) and The Greek Crisis in the Media: Stereotyping in the International Press (Ashgate) as well as the founder of, an institutional partner of CRI Greek. David Morris David Morris is the Pacific Islands Trade and Investment Commissioner in China, a former Australian diplomat and senior political adviser. Harvey Dzodin After a distinguished career in the US government and American media Dr. Harvey Dzodin is now a Beijing-based freelance columnist for several media outlets. While living in Beijing, he has published over 200 columns with an emphasis on arts, culture and the Belt & Road initiative. He is also a sought-after speaker and advisor in China and abroad. He currently serves as Nonresident Research Fellow of the think tank Center for China and Globalization and Senior Advisor of Tsinghua University National Image Research Center specializing in city branding. Dr. Dzodin was a political appointee of President Jimmy Carter and served as lawyer to a presidential commission. Upon the nomination of the White House and the US State Department he served at the United Nations Office in Vienna, Austria. He was Director and Vice President of the ABC Television in New York for more than two decades.