Experts say China-U.S. tensions stem from fundamental misunderstanding and mistrust
U.S. President Donald Trump’s trade battle with China has no end in sight and seems to have gone beyond tariffs. After imposing tariffs on $250 billion of imports from China, Trump threatened to “levy even more, with the possibility of substantially more than doubling that number.”
Then in a speech on October 4, Vice President Mike Pence launched a broader attack, accusing China of intellectual property (IP) theft, military aggression and attempts to interfere in the upcoming U.S. midterm elections.
“The lack of trust in the U.S. about China and the lack of knowledge are so profound that the tension is not only going to stay on trade,” Peter Walker, a former senior partner at McKinsey & Company, told the media on the sidelines of the 2018 U.S.-China Relations Conference held at Columbia University in New York, on October 7. “It’s going to expand to IP issues and all issues related to it.”
Pillars undermined
Huang Yasheng, a professor at the Sloan School of Management of the Massachusetts Institute of Technology, said China is being blamed for manufacturing job losses in the U.S. The allegation has created a political backlash against globalization and against China. Chinese investments are being restricted as well as its labor market, with visas for foreign workers and green cards being curtailed. There are also product market restrictions as a result of slapping tariffs on Chinese goods.
However, economic evidence suggests that the problems and job losses in the U.S. manufacturing industry are overwhelmingly due to technology rather than globalization, Huang said. “It is entirely wrong to blame this issue on China. This should not be one of the important components driving the relationship between the two countries downhill,” he added.
This story is from the November 09, 2018 edition of Newsweek.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 09, 2018 edition of Newsweek.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The States Keeping Their Children Hungry
The Summer Electronic Benefit Transfer could help feed millions of children in households experiencing food insecurity, yet 13 states have declined to participate in the program
The Secret to Being an ADHD Whisperer
Loosening up and ceding control are some of the most important strategies for making life easier for a neurodiverse loved one
Fertility Clinics 2024
FOR THOSE LOOKING TO EXPAN D THEIR FAMILIES, FERTILITY CLINICS CAN BE A VITAL OPTION
'I AM ALWAYS IN THE MOMENT'
India's prime minister on his goals, his critics and his 'god-gifted' ability to listen
MODI'S MOMENT
INDIA'S LEADER is SHAPING the COUNTRY in his OWN ASSERTIVE IMAGE
Resurgence of Global Mayhem
While the world watches Gaza, ISIS is gaining strength and momentum, building networks and preparing for strikes worldwide
Is It Time to Leave Syria?
The U.S. is reportedly considering withdrawing from the country, with pressure from Damascus amid deepening unrest in the region. Is this the right move? Two experts weigh in
Chris Perfetti
IF YOU'RE ONE OF THE MILLIONS OF AMERICANS SINGING THE PRAISES of ABC's Abbott Elementary, fear not, they've heard you. \"We love to hear it,\" says Chris Perfetti, who plays Jacob Hill on the Emmy-winning sitcom about teachers at a Philadelphia public school.
Divine Intervention
POPE FRANCIS' PROGRESSIVE REPOSITIONING OF THE CATHOLIC CHURCH HAS CREATED BATTLE LINES BETWEEN ITS 1.3 BILLION FOLLOWERS, NO MORE SO THAN IN THE UNITED STATES
Who Rules Gaza When the Fighting Stops?
With no clear leader coming to the fore, questions remain about how the devastated territory will be managed