© File photo/Xinhua
Granny smith apples are processed on a packing line at a packing house of Auvil Fruit Company in Wenatchee, Washington State, the United States, on Nov. 3, 2017. China has become one of Auvil's biggest overseas markets for its apples and cherries in recent years.
Global economic and policy strategist,
Dan Steinbock, expressed his concerns over the escalating U.S.-China trade tensions in a written interview with China.org.cn, saying that trade tariffs will harm the U.S. economy more than China.
In mid-June, U.S. President Donald Trump announced a 25-percent tariff on US$50 billion of goods imported from China, and China responded with the equivalent duties on the same value of U.S. exports to China.
Steinbock, who has served as research director at the India, China and America Institute (US) and guest fellow at Shanghai Institutes of International Studies (China), argues that the current tariffs on the US$50 billion of goods that the U.S. and China have mutually imposed will not dramatically affect the economy of either country in the short-term.
"In the U.S., the first-year impact could penalize 0.1 to 0.2 percent of U.S. GDP," Steinbock said.
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