Trade war will backfire president Trump, says one of the officials of the Chinese central bank. Guo Shuqing, the chairman of the China banking and regulatory committee said that trade war is not hurting the Chinese economy.
He further added that trade would have very limited implications, if any, on Chinese economic infrastructure. But it would backfire the American economy. He further added that the war will trouble and hurt US dollar-based global economic system. Hi-tech firms, consumers and the American importer will bear the brunt of this trade war, said Shuqing, on Friday.
He said that the United States wanted to narrow down the trade imbalance by inducing price hikes and by imposing a huge amount of taxes. But this won’t help the United States stand in good stead.
The trade war between China and the United States
The G-20 summit is around the corner. Both the leaders of confronting nations are expected to meet on the sidelines. But the chances of improvement in the situation seem very dim and grim. Donald Trump once denounced any possibility of a one-on-one meeting with his Chinese counterpart. But the ice has to be broken sooner or later.
Global economies haven’t recovered from the economic recession of 2008. Smaller nations and weaker economies heavily rely on developed economies for investments, remittances, and trade. The trade war is not helping them either.
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