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GPI President von Schirach Commented on US-China Trade War
June 16, 2018, (Sputnik) – “Most of the sectors in the US economy will suffer from the growing trade clashes between the United States and China at a time when both countries need to resolve serious bilateral security issues.” told GPI President Paolo von Schirach to Sputnik.
On Friday, President Donald Trump imposed 25 percent import tariffs on $50 billion worth of technology goods from China, prompting Beijing to swiftly levy symmetrical tariffs on more than 600 US products.
“Some sectors of the US economy may enjoy some relief because tariffs will fend off Chinese competitors,” Schirach said. “But higher prices caused by import tariffs will cascade throughout the rest of the US economy, with a negative impact on most sectors.”
Read the full interview on Sputnik
