BEIJING, April 9. /TASS/. By taking his protectionist measures US President Donald Trump is making his country plunge into economic isolation, Yu Miaojie, president of Liaoning University, told the Global Times on Tuesday.
"By imposing high tariffs on all of its trade partners, including China, the US risks trade and economic isolation," the Global Times newspaper quotes him as saying.
Commenting on Washington's recent restrictions, he said that in the near future, one can expect negative changes in global trade turnover and a slowdown in global economic growth.
However, the expert believes that Trump's tariffs will have a "limited impact" on Chinese exports, since China has actively diversified the flow of goods, not focusing on the US.
"US tariffs will lead to higher prices, adding to inflationary pressure while slowing US economic growth," he concluded.
In turn, Chen Fengying, a research fellow at the Beijing-based China Institutes of Contemporary International Relations, told the publication that in response to the US pressure all other economies should unite and have to figure out how to overcome challenges.
As the expert concluded, in the current situation, interested countries need to "unite, and continue to promote bilateral and multilateral cooperation."
US protectionist policy
Earlier, Trump said he will impose duties of 104% on Chinese products until Chinese authorities agree to a trade deal with the United States. The US President also announced that Washington would not enter into an agreement until the United States' trade deficit with China disappeared.
On April 2, Trump announced the introduction of duties on products from 185 countries and territories setting the minimum rate at 10%. He set individual tariffs for individual countries, including 34% for China. As a retaliatory measure, Beijing will apply a similar rate to all American goods from April 10.