A wide range of U.S. industry associations have expressed strong opposition to imposing additional tariffs on Chinese imports. Raising tariffs to 25 percent could cost nearly one million American jobs and increase volatility of financial market, said the Tariffs Hurt the Heartland campaign.
Of the Chinese goods already under higher tariffs, more than 70 percent are intermediates and investment goods. Such a higher proportion means that the tariffs will be eventually be passed on to American businesses, consumers and farmers, said Chen Wenling, chief economist with the China Center for International Economic Exchanges.
Chen said the trade war provoked by the United States is ineffective. The United States wanted to fix the problem of trade deficit but its trade deficits to China, European Union and other economies rose rather than fell. In addition, the corresponding industry chain restructuring did not benefit the U.S. either. Auto makers Tesla and Ford are moving to the Chinese market instead.
"Some U.S. enterprises may find it difficult to survive if quitting the Chinese market as a very large share of their profits come from China," said Liang Ming, a researcher with a research institute of the Ministry of Commerce.
Based on an estimate of the effect of having additional tariffs on 200 billion U.S. dollars worth of Chinese goods, Liang said the United States still needs to import a majority of the goods from China. But most of the Chinese products involved are less dependent on the U.S. market, and can be exported to other markets, Liang noted.
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