Xinhua Commentary: Washington's tariff ploy inflicts harm with no real benefits -Xinhua

Xinhua Commentary: Washington's tariff ploy inflicts harm with no real benefits

Source: Xinhua

Editor: huaxia

2024-05-17 20:51:00

BEIJING, May 17 (Xinhua) -- The United States has raised steep tariffs on a range of Chinese products. But as lessons have shown, such a ploy inflicts harm with no real benefits.

The targeted Chinese products include electric vehicles (EVs), lithium-ion batteries, solar cells, critical minerals, semiconductors and ship-to-shore cranes. The additional levy will raise tariffs on Chinese EV imports from 25 percent to 100 percent, and the tariff rate will rise to 50 percent on solar cells in 2024.

The new tariffs will raise market prices and increase burden on consumers. The imposition of tariffs on port cranes from China will significantly raise the operating costs of ports and logistics in the United States and undermine its efforts to control inflation. The reduction in U.S.-China trade would cause a cumulative loss of 1.9 trillion U.S. dollars in real GDP from 2024 to 2028, with households losing an estimated 11,100 U.S. dollars in real income, according to a study by Oxford Economics.

The tariffs' impact on U.S. economy and jobs is tangible, too. An escalation of U.S. tariffs would likely trigger retaliatory measures from China, pushing the peak impact on U.S. employment to 801,000 net job losses by 2025, the Oxford Economics study showed, adding that reduced competition and less efficient allocation of resources would leave a lasting scar on the U.S. economy.

The tariff hikes go against the U.S. promise of not seeking to decouple from China and will seriously affect bilateral cooperation.

The U.S. protectionist measures will further damage the security and stability of the global industrial and supply chains. They will harm global cooperation and innovation in the industry and impede the global technological innovation process.

The U.S. wrongdoing is clearly driven by political calculations, particularly in an election year. The burgeoning new energy sector in China ought not to be scapegoated for the status quo of its American counterpart. Similarly, the interests of U.S. consumers shouldn't become prey to political rivalry within the United States.

Continuing with tariffs will only undermine America's interests in the long run, and it will not derail China's development trajectory. Unscrupulously suppressing China exposes the loss of confidence and composure on the part of the United States.

It is high time that the United States stop political manipulations. Otherwise, the mistake of "shooting oneself in the foot" will be repeated.