The ongoing trade disputes between the U.S. and China will make the former lose nearly 1 million jobs instead of reversing its trade deficit with China.
The U.S. raised the tariffs on 200 billion U.S. dollars’ worth of Chinese goods from 10 percent to 25 percent despite trade talks still on going.
Chinese scholars say it will only result in its rising trade deficits, if the world does not see a rapid shift of global industrial chain to the United States.
It will take decades for an established industrial chain to relocate. Companies like Tesla and Ford have moved their factories to China to seek both the market and the mature industrial chain.
They added that Chinese products have markets other than the United States.
Scholars said China-U.S. trade disputes have spilled over to challenge the world trade system and order, urging the Chinese government to have plans for external shocks and stick to innovation.
