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Source: Economic Information
In response to the recent announcement by the United States that the tariff for the $200 billion Chinese exports to the United States has increased from 10% to 25%, Japanese media and experts generally believe that there is no winner in the trade war, and that the US upgrade of Sino-US trade friction not only damages both sides, It will also affect the world economy.
The Japanese media reacted strongly to the US’s move to impose tariffs on Chinese exports to the United States. “Japan Economic News” published an editorial saying that this move will not only suppress the economic development of China and the United States, but also endanger the world economy and the global market. China and the United States should approach each other through negotiations and avoid trade wars that impose tariffs on each other.
In addition, the editorial said that the US announced that it would consider imposing additional tariffs on all goods imported from China. It must be said that this is a rude remark that ignores the economic and market realities, and global stock markets have become sensitive and fragile. The editorial pointed out that in the context of continued easing, the stock markets of major economies are slowly recovering, and the world economy has finally maintained difficult growth. But if the United States imposes additional tariffs, the world economy may be at risk. In this regard, the relevant policy authorities and investors are re-vigilant.
In response to the US tax increase, the Japanese media generally believe that with the escalation of Sino-US economic and trade frictions, the global economic and trade slowdown has become more and more obvious. The starting point for the suppression of the global economy is the tariff war that began in the United States. According to relevant reports, the growth of global trade in goods has slowed significantly in 2018. The main reason is that the US government imposed tariffs on imported steel and other commodities and retaliated against the relevant countries in accordance with Section 232 of the so-called Trade Expansion Act of 1962.
Japan’s Canon Global Strategy Research Institute’s research director, Mr. Sakaguchi, told reporters that as the world’s two largest economies, any one of the two countries imposed strict economic sanctions on each other, which inevitably incurs retaliation from the other party. The parties will also bring the world economy into a long-term recession. Now, the US announced that it will impose tariffs on Chinese exports to the United States, which will cause harm to the United States and the world.
Japan’s Finance Minister Treasury Asakawa recently told the media about the huge trade deficit in the United States. If the imbalance problem is too narrow from the perspective of trade revenues and expenditures between the two countries, it should consider the imbalance of current accounts covering economic services, economic structure, etc. Point to discuss this issue. If the economic structure has not changed, even if the United States imposes high tariffs on Chinese exports to the United States, its market can only be replaced by imported goods from other countries.
As early as March of this year, the Japanese Cabinet Office published the “World Economic Trends” white paper, pointing out that since the global financial crisis, China has become a major exporter of high value-added products such as electrical products, parts and machinery. If the United States imposes additional tariffs on Chinese exports to the United States, the decline in exports of high-value-added parts and components exported from the United States to the United States will inevitably affect the exports of the US automobile and semiconductor industries. In addition, trade in developed countries and emerging market countries such as Asia will also be widely affected.
Editor in charge: Li Siyang
Sina Finance and Economics
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