HAINAN- A prominent American economist has characterized the trade war initiated by President Donald Trump's administration against China as a counterproductive strategy that will have negative repercussions for the United States.Well I think the trade war is very self-defeating for the United States.
So I dont think that it will impede China but it will hurt the United States, Jeffrey Sachs, Director of the Center for Sustainable Development at Columbia University,told the Tehran Times on the sidelines of the Boao Forum for Asia (BFA) Annual Conference 2025 on Wednesday.Professor Sachs said the tariffs that Trump has imposed on China will undermine the US economy.
All these tariffs that the US is putting on will make the US less competitive and will lower living standards.
It will lower confidence in the US economy so I think it is a self-defeating policy, the world- renowned US economist said after attending a BFA panel discussion.President Trump's trade conflict with China commenced upon his return to the White House on January 20.
Since then, he has imposed levies of 20 percent on Chinese imports.
In response, China hasimposed duties of up to 15%on a range of US agricultural products.On March 7, Chinese Foreign Minister Wang Yisaid US restrictions against Beijing will remain futile.Where there is blockade, there is breakthrough; where there is suppression, there is innovation, the top Chinese diplomat said at a press conference held on the sidelines of the annual session of the National People's Congress (NPC) in Beijing.China represents the most significant market for American agricultural products.
If the prices of imported goods rise in China, consumers are expected to look for more cost-effective alternatives, either from local suppliers or other countries.
This situation could pose challenges for US farmers, as they may face a reduction in their market share.
That means US farmers will bear the brunt of the effects of Trumps trade war.The trade conflict initiated by the US president has come under scrutiny during the BFA's Annual Conference in 2025.
The international event that began on Tuesday will continue until Friday under the theme of "Asia in the Changing World: Towards a Shared Future."Discussions have centered on how Asia can help navigate challenges and drive sustainable development, with participants recognizing the continent as the world's growth engine.This year's annual conference has attracted around 2,000 representatives from over 60 countries and regions, along with more than 1,100 journalists from nearly 150 media outlets across 30 countries and regions, according to Chinese media.