At the end of the Sino -US economic and trade negotiations at Shanghai, Gary Cohn, former chief economic adviser of US President Trump, said that the United States levying high tariffs on China had a huge impact on the US economy and investment.
According to BBC reports on August 2, Cohen believes that the Sino -US trade war has not really impacted the Chinese economy.China's economy is driven by credit and credit availability.The Chinese central government has China's credit mechanism and credit channels, and they can open credit or stop credit.
Cohen believes that a trade war with the United States is a very convenient excuse to slow down China, and they have the need to slow down the economy, because prices and house prices are out of control.
He believes that the Chinese economy will slow down regardless of whether or not it has a trade war.Cohen, 59, has always been a supporter of free trade.
At the end of 2016, Trump was elected President of the United States. At that time, the No. 2 character of the investment bank Goldman Sachs. President Kon was appointed chairman of the National Economic Commission of the United States and was responsible for the international and domestic economic policies of the White House.
As Trump's chief economic adviser, Cohen has helped the Trump administration signed the largest tax reduction bill in 30 years, which can be described as significant in stimulating the demand for American consumers and enhancing the competitiveness of the US company by reducing the company's taxes.
In March 2018, Corn resigned from Trump's decision to impose tariffs on imported steel and aluminum.
Cohen said that high tariffs made key imports from China very expensive, offset Trump's tax cuts that stimulate the US economy.
For example, he said: You need to build a factory equipment, buy steel and aluminum materials, you have to buy imported products, but you collect high tariffs on these products, so here is to pay you tax reduction.gone.
Cohen said that this is why we can't see the (US) manufacturing industry to increase their job positions.But if we go through this tariff dilemma, there will be real opportunities to see the increase in the job positions in the United States.
Although Cohen believes that the U.S. economy and investment in the Sino -US trade war are even greater, he expressed support for the US government's affairs in the US government to violate the infringement of American intellectual property rights and prevent US companies from entering the Chinese market.
However, he warned that in the trade war, everyone was a loser.We are the service economy, and 80 % are the service industry.The service industry in the economy is good, but this industry has no tax closing.
BBC North American affairs editor Jon Sopel analyzed that Cohen could not talk about Trump's policy.
He believes that the trade war has caused uncertainty of geopolitics, which allows all industries to not invest.He also believes that the damage caused by the Sino -US trade war to the United States is greater than China.
Joseph Hinrichs, president of Ford's car business, told BBC that the high tariffs on steel and aluminum -imposed by President Trump had a great impact on the business last year, and this impact is now declining.
He said that he can still see the impact of the trade war, but it is much better than last year.
Giant companies such as Ford Motors have been impacted by the trade war, and more other small companies in the United States have affected more obvious.
In order to avoid high tariffs, some companies have decided to move the factory out of China.
A survey by the US Chamber of Commerce in China and Shanghai recently found that 40 % of the companies participating in the investigation said that they are considering leaving or starting to relocate factories, and most of them go to Southeast Asian countries.
