Lacking domestic savings and wanting to consume and grow, America must import surplus savings from abroad and run massive current account and trade deficits to attract foreign capital, he said in a recently published article, describing it as the root cause of the U.S. trade imbalance.

"Consequently, going after China, or any other country, without addressing the root cause of low saving is like squeezing one end of a water balloon: the water simply sloshes to the other end," he said. "In this context, protectionist policies pose a serious threat to America's already-daunting external funding requirements -- putting pressure on U.S. interest rates, the dollar's exchange rate, or both."

The Smoot-Hawley Tariff Act made the Great Depression worse for the United States than it might otherwise have been, mainly by inciting protectionist retaliation against U.S. exports and creating a climate of economic nationalism around the world.

"Sadly, one of the most painful lessons of modern history has been all but forgotten," said Roach.

【国内英语资讯:Xinhua Headlines: Trade war produces no winner】相关文章：

★ 中石化挺进美国小镇 布局煤制油业务

★ 库伊：苹果冉冉上升的救火新星

★ 美国将加强与欧盟经济合作

★ 我为何仍然担心欧洲的偿付能力？

★ 万向集团竞购A123获胜

★ 热点英语：自主招生引发的“北约华约”之战

★ 前IMF总裁卡恩性侵案达成和解

★ 双语阅读：法厄同

★ 谷歌地图携更多功能回归iPhone

★ 嫉妒中国熊猫受宠 企鹅向游客投掷粪便抗议（图）