Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / China US trade tensions

Tariff plan shows US misconception about world trade: US expert

Xinhua | Updated: 2018-06-21 17:26
Share
Share - WeChat
[Photo/VCG]

NEW YORK - The US government's recent move to impose controversial tariffs on imports from China shows it suffers from misconceptions about trade relations, a US academic said.

On Tuesday, the United States threatened to slap an additional 10 percent tariff on $200 billion worth of Chinese goods. It has been long complaining of being taken advantage of by many of its trading partners, and "suffering" from trade deficit.

However, Farok J. Contractor, a professor in Rutgers Business School's management and global business department, said "suffer is the wrong word."

"Millions of Chinese workers toil for about two to five dollars an hour on behalf of American people that buy a lot of reasonably well-made Chinese products and have in material terms a higher standard of living," Contractor said, pointing out that while the United States has a trade deficit with China in merchandise, it enjoys a surplus in services.

"Trade statistics can be misleading and one should really look at the balance of payments," he said.

"At the end of the year, foreigners have more dollars left in their hands, including the Chinese government, re-circulating those dollars back into the United States," he explained.

In an article on his website Globalbusiness.blog, Contractor listed how US consumers "enjoy" rather than "suffer" from the trade deficit.

As billions of surplus dollars are reinvested in the United States, the dollar remains strong. With strong buying of, faith in, and demand for US Treasury bonds, the interest rates for American consumers' auto loans and mortgages remain low.

Tariffs can't revive jobs

"Unless the United States imposes tariffs on all of the rest of the world, it is unlikely that manufacturing jobs would come back in any significant way," Contractor said.

Even if Chinese products may become more expensive because of additional tariffs, US manufacturing jobs may not increase a lot as the average salary, including benefits, may be as high as $35 an hour. International companies may turn to Vietnam or Bangladesh to lower costs.

Contractor added that while jobs will be preserved for a while against international competition in industries like steel, winning back those already gone is difficult because global value chains take time to be reshaped.

He also emphasized the fact that US workers are losing many jobs because of automation rather than outsourcing.

Statistics show that for every US job lost through international outsourcing, three jobs are lost because of automation.

Globalization and international trade are not entirely to blame for the loss of jobs in the United States, the academic said.

No need to fear competition

Contractor said there is no need for the US government to panic about competition. The Trump administration should understand that "in the long run, competition makes your own companies run faster."

He has a suggestion how US companies can run ahead of Chinese companies --through better research and development.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 在公交车上弄到高c了漫画| 日韩欧美成末人一区二区三区| 成人在线激情网| 亚洲国产精品久久网午夜| 美女被a到爽视频在线观看| 国产精品一区高清在线观看| xxxx性开放xxxx| 日韩AV无码一区二区三区不卡| 国产三区视频在线观看| 88av在线看| 引诱亲女乱小说录目伦| 久久精品日日躁夜夜躁欧美| 熟妇人妻不卡中文字幕| 国产99视频精品草莓免视看| 亚洲欧美校园春色| 天天天欲色欲色WWW免费| 久久av无码精品人妻糸列| 欧美乱妇高清无乱码亚洲欧美| 免费在线观看一区| 香蕉久久综合精品首页| 嫩b人妻精品一区二区三区| 亚洲大成色www永久网址| 麻豆国产剧果冻传媒视频| 国色天香精品一卡2卡3卡| 中文字幕成人精品久久不卡| 权明星商标查询| 亚洲精品国产国语| 精品女同一区二区三区免费站| 国产成人无码午夜视频在线观看| 97久久精品人人澡人人爽| 性无码专区无码| 久久久午夜精品福利内容| 欧洲精品免费一区二区三区| 亚洲自偷自偷在线制服| 综合偷自拍亚洲乱中文字幕 | 亚洲国产一区二区三区| 男人j进女人p免费动态图| 又粗又硬又大又爽免费观看| 豪妇荡乳1一5白玉兰免费下载 | 久久精品国产99久久久| 福利片一区二区|