CCTV Published: 2018-07-11 22:43:27
On June 1, the United States introduced unilateral tariffs on steel and aluminum
products from the European Union, and it has been provoking economic
and trade frictions with China. This recent bout of trade protectionism
has aroused opposition in many countries. As Derek Thompson, a senior
editor at The Atlantic, said in an interview: "There have been nine own
goals in the World Cup so far this summer. That's the highest number in
tournament history. This (U.S. trade war) is the tenth own goal of this
U.S. media: Economic and trade frictions will cause huge losses for the U.S.
Recently, some mainstream media in the United States have been paying close
attention to the domestic impact of the China-US economic and trade
frictions. Some analysts believe that the trade war is likely to have an
impact on the mid-term elections in November. If President Trump
insists on a trade war, he is likely to face political pressure from
voters and from inside the Republican Party itself."
Eighty-seven percent of the computer companies in China that are subject to this
tariff are not Chinese, and a lot of them are American," explained Derek
Thompson. "Of the 30 districts that are most affected by the soybean
tariffs that China has now implemented in the United States, 25 of them
voted for Trump. This is a self-inflicted wound. We are taxing ourselves
in order to punish China for a completely unrelated tech problem".
Asa Hutchinson, the Republican Governor of Arkansas. [Screenshot: CCTV]
The Republican Governor of Arkansas, Asa Hutchinson, said in an interview
with NBC that agriculture is the state's largest industry, and warned
that China's 25 percent countermeasure tariff on American soybeans will
cut Arkansas' soybean revenue by two-thirds. "We rely on our exports
overseas in terms of products, and agricultural products more
specifically. We are hurt both by the tariffs that we impose and by the
tariffs that come back in the retaliatory fashion," the governor said.
Nordic countries oppose U.S. trade protectionism
The unilateral American moves towards protectionism have provoked
widespread controversy in the Nordic countries. Finland's Minister of
Foreign Trade and Development said that the American claim that the
tariffs on steel and aluminum products were needed for national security
reasons was far-fetched.
Compared with Finland, Denmark will experience heavier economic losses as a result of the tariffs, because
it is an important supplier of auto industry parts for the United States
as well as steel and aluminum products. According to the Danish
Federation of Industry, the tariffs will result in a loss of around 30
million U.S. dollars in exports.
Norway is also going to take an economic hit as a result of the tariffs, as it is a major producer of
aluminum. Speaking with China Central Television on Wednesday, a
spokesperson from Norway's national federation of industry and commerce
said that they were concerned about the American decision to violate
World Trade Organization rules. The spokesperson said that manufacturing
and trade are more closely linked than they have ever been before, and
that imposing barriers on trade is not in anyone's interest.