\"Protectionist economies do not thrive… the first loser would be the United States,\" warns renowned American economist Jeffrey Sachs.
On Saturday, U.S. President Donald Trump signed an executive order imposing a 10 percent tariff on goods imported from China, sparking criticism and concern from economists and international trade experts.
Sachs referred to the disastrous global effects of protectionism in the 1930s, emphasizing the need for nations to avoid repeating past mistakes. \"The U.S. economy has been a major beneficiary of China's economic rise, not a loser,\" he stated. He urged for the relationship between the two nations to remain mutually beneficial rather than turning competitive.
The new tariffs have raised fears of a potential trade war that could disrupt global markets. Economists warn that such measures could lead to increased costs for consumers and strained international relations.
\"We must learn from history and promote open trade policies that foster growth and cooperation,\" Sachs concluded.
Reference(s):
The U.S. benefited from China's rise, protectionism would only hurt it, says expert
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