Editor’s note: And then they cried “wolf” again. This UN report lacks any credibility, ignores trade cheating and ignores global trade imbalances. If a global economic downturn was going to happen with China tariffs, it would have happened. The US and the world will be better off if we fix China’s economic predation and especially if we seek to balance trade.
[February 5, 2019| Inside US Trade]
A U.S. tariff hike on Chinese imports would result in “significant repercussions” for international trade, according to a new study from the U.N. Conference on Trade and Development.
The U.S. has imposed Section 301 tariffs on $250 billion worth of Chinese goods over what it has deemed unfair trading practices. If the U.S. and China don’t come to an agreement by March 1, the Trump administration intends to increase 10 percent tariffs on $200 billion of those goods to 25 percent. Trump said last week that he and Chinese President Xi Jinping have to meet in person before any “final deal” can be made. Whether the two will meet in late February could be announced this week. …
Pamela Coke-Hamilton, head of international trade at UNCTAD, said in a news conference on Monday that the implications of a tariff increase on China, and the retaliation that would follow, “are going to be massive,” according to a Reuters report.