SOURCE / ECONOMY
US tariffs on China face growing criticism amid worry over mounting costs
Published: Aug 26, 2024 09:22 PM
 
 
Illustration: Chen Xia/Global Times

Illustration: Chen Xia/Global Times

While the US government is expected to announce implementation plans for additional tariffs on some Chinese products, the move is facing growing criticism from both China and US domestic industries amid concerns over mounting costs.

The intensifying pushback against the US government's hefty tariffs underscored problems and risks caused by Washington's unreasonable, politically motivated crackdown against China, which will hurt US industries and undermine the global economic recovery, a Chinese expert said on Monday.

Reuters reported on Monday that the US government is expected to unveil the financial implementation plans for significant tariff hikes on certain Chinese imports this week. However, the move faces growing opposition, as US manufacturers of electric vehicles (EVs) and electric utility equipment have asked for the tariffs to be reduced, delayed or even abandoned, the report said. 

The US government delayed the initial date for the tariffs, including a 100 percent tariff on Chinese EVs, which were scheduled to take effect on August 1, due to widespread opposition from US industries. 

Li Haidong, a professor from the China Foreign Affairs University, said that the concerns of relevant US industries are realistic and reasonable, as they will bear the additional costs derived from the tariff hikes. 

"The result of the toxic US policies is that relevant industries in the US will bear huge losses. Today, many US industries and consumers realize that higher costs from the additional tariffs are borne by the US itself," Li told the Global Times on Monday. 

Chinese officials have also repeatedly criticized Washington's crackdown against Chinese businesses and products. 

In a press briefing on Sunday about upcoming talks between Wang Yi, member of the Political Bureau of the Communist Party of China Central Committee and Director of the Office of the Central Foreign Affairs Commission, and US National Security Advisor Jake Sullivan, the leading official of the Chinese Foreign Ministry's Department of North American and Oceanian Affairs said that the continuous and arbitrary US measures against China in the areas of tariffs, export controls, investment reviews and unilateral sanctions seriously undermine China's legitimate rights and interests, according to the Xinhua News Agency.

Sullivan is scheduled to visit China from Tuesday to Thursday. During the talks, the Chinese side will focus on raising serious concerns, articulating its position and laying out serious demands on issues related to the Taiwan question, the right to development and China's strategic security, the official said. 

While Chinese and US officials have continued to hold talks, the US has also continued to contain and suppress China, by imposing hefty additional tariffs and restricting normal trade between the two countries.

"The US approach toward China has always lacked sincerity," Li said, noting that the fundamental problem is Washington's attempt to turn economic issues into geopolitical and security issues, in order to pander to anti-China hostility.

Apart from huge costs for US industries and consumers, these protectionist measures will have a negative impact on the global economy as a whole as the world economy faces growing challenges, Li said. "Undoubtedly, the additional US tariffs on Chinese products have become a stumbling block to the global economic recovery," he said.