By KouJie (Peoples Daily Online)11:25, June 27, 2019
Following the decision made by the U.S. Commerce Department in June to add another five Chinese entities to its 鈥榚ntity-list鈥? trade tensions between the U.S. and China have escalated to a new level, with many experts noting that the U.S. decision to start a trade war with China is 鈥渋rresponsible and unacceptable鈥?for the global economy.
So far, the U.S. has already slapped tariffs on $250 billion worth of Chinese products, and has threatened tariffs on a further $325 billion.
鈥淭he Trump administration鈥檚 decision to start a trade war with China is a manifestation of protectionism. We cannot say for sure how long the U.S. will hold its protectionist stance, but it will surely bring damage to the U.S. economy. We can see signs of this already,鈥?Boris Shmelev, director of the Center of Political Studies at the Institute of Economy of Russian Academy of Science, told People鈥檚 Daily Online.
Echoing Shmelev, Molebedi Gordon Sisi, divisional head of Governance and Compliance in the city of Ekurhuleni in South Africa, told People鈥檚 Daily Online that the tariffs the U.S. imposed on China are merely a method to reduce China鈥檚 growing influence, as well as to disrupt China鈥檚 economic development.
鈥淚 think the tariffs that America are imposing on China is intentional, and it emanates from the animosity that has been brewing for some time now. Unlike America, China does not want to rely on capitalism and exploiting others, but wishes to share the benefits with others, a move that threats the U.S.,鈥?said Sisi, adding that many countries are now interested in China鈥檚 proposal of fair trade, openness and mutual benefits.
鈥淭he U.S. was once a country that promotes openness, but now it has become a country obsessed with trade protectionism. I think China鈥檚 stance on free trade and international cooperation is wise, and with such thought, China may embrace new stimulus for its economic development,鈥?said Shmelev.
In an effort to tackle rising global protectionism and unilateralism, experts stressed that globalization and free trade should not be disrupted, while multilateral organizations like BRICS should play a more important role in global governance.
鈥淭he trade war is a reflection of the changing international system, and as we can see, there are many nations which have reached a consensus that multilateralism and global cooperation is a good way to promote their development,鈥?said Ritika Passi, associate fellow and project manager of New Delhi-based Observer Research Foundation.
鈥淩ussia itself has been harmed by U.S. sanctions, and we share the same view with China that global trade is necessary, while protectionism will only disrupt world order and global economy. I think countries that support free trade should cooperate more to tackle the rising protectionism worldwide,鈥?added Shmelev.