Chinese economic experts have revealed that the United States will harm the interests of its businesses and consumers in the long term by raising tariffs on Chinese products.
The Chinese economic experts made this known at a seminar on China-US trade in Beijing on Sunday.
US President Donald Trump on Friday announced a renewed 25 percent tariff hike on 200 billion US dollars worth of some 6,000 Chinese products, from textiles to electronics. A move described as diminishing any chances of a breakthrough.
Such increase of tariffs will harm US businesses more in the long run, said Gao Lingyun, a researcher with the Institute of World Economics and Politics under the Chinese Academy of Social Sciences (CASS).
Furthermore, a study from a consulting firm called Trade Partnership indicates the tariffs could cost an average American family of four 800 US dollars more every year, whilst it would also cut US employment numbers by nearly one million.
