SMM News: "before the last escalation of the trade war, tariffs have increased the annual cost of US consumers by US $69 billion, if a full outbreak may lead to a loss of US $300 billion"; "455000 jobs will be at risk." "US oil exports have fallen sharply". The US is constantly being affected by the Trump administration's trade war against a number of major economic powers, particularly China. "the prospect of economic recovery in the United States is becoming bleak," Fox News said in an article published on the 30th.
In the article, entitled "Trump must stop the escalating trade war between the United States and China before it is too late," Fox News analyzed the possible or ongoing impact on the United States in the escalating trade war. He called on Mr Trump to "adopt a comprehensive agreement to encourage free and fair trade with China" rather than a "new round of tariff attacks".
Trump wanted to be "rude" to China, but did not take into account the cost, the report said. Contrary to Trump's claim that China pays for tariffs, it is American consumers who bear the brunt, according to Fox News.
Fox News lists three aspects of influence to prove this point.
First, scholars at Yale University, the University of California, Los Angeles, the University of California, Berkeley and Columbia University estimate that tariffs had increased the cost of American consumers by $69 billion a year before the latest escalation of the trade war. If a full-blown trade war breaks out, it could lead to nearly $300 billion in losses. It is estimated that the tariffs that have been imposed will cost every American family at least $500 this year, which will rise to $2200 if the trade war escalates across the board.
Second, jobs in the United States will also be hit hard. As a result of the storm, more than 455000 jobs will be at risk, the report said. In the end, it is consumers who will be hardest hit by tariffs, which will also force US companies to abandon expansion and innovation.
In addition, the tariffs imposed by China have also had a negative impact on US energy exports. Us oil exports fell sharply in 2018 as Chinese importers mostly chose to avoid US exporters, the US Energy Information Administration reported. In addition, Chinese tariffs will endanger US investment in liquefied natural gas and the damage to US agricultural exports is clear.
Therefore, Fox News said that using China as an enemy would only isolate the United States from most of Asia and Africa. And parts of Latin America and Europe-this is not a good way to ensure that the United States continues to maintain its status as a world power.
Fox News also said that the United States cannot afford a further escalation of the "tariff war" with China, and that President Trump should adopt a comprehensive agreement to encourage free and fair trade with China, rather than a new round of tariff attacks.
At the end of the article, Fox News wrote: "Free and fair trade with China, rather than raising tariffs, is the real road to prosperity."
On the Sino-US trade issue, Chinese Foreign Ministry spokesman Geng Shuang made it very clear at a press conference on the 15th: "We advise the US side to take a look at the response of the international community, listen to the voices of people from all walks of life, and calculate the gains and losses of their own interests. We should have a clear understanding of the situation at an early date, get back on track, and move in the opposite direction with the Chinese side, so as to reach a mutually beneficial and win-win agreement on the basis of mutual respect. "