BEIJING, Sept. 28 (Xinhua) – In recent years, Washington has tried to thwart China’s development by almost any means possible. However, instead of playing its game against China, the United States is hurting its own interests.
Take the impact on the economy and trade of the United States. Three years after the United States first sparked trade disputes with China in 2018, various new studies have found that trade frictions are even more damaging to the American side.
According to a January study commissioned by the US-China Business Council, trade disputes between the US and China have reduced US economic growth and cost the US 245,000 jobs.
In addition, according to data released earlier this year by the United Nations Conference on Trade and Development, foreign direct investment in the United States fell 49% in 2020, surpassing the overall global decline of 42%.
As summarized in a Brookings Institute report, trade friction between the United States and China has caused America “more pain than gain”.
“The tariffs have forced American businesses to accept lower profit margins, cut wages and jobs for American workers, postpone potential wage increases or increases, and raise prices for American consumers or businesses. “the report said.
In recent years, Washington has also ruthlessly abused state power to oppress Chinese tech companies on the basis of false accusations. To many, Washington’s agitation to preserve its technological primacy by suppressing China seems to be getting incredibly savage.
Moreover, the measures taken by Washington to cut off technology exchanges with China are further proof that the United States is increasingly agitated by China’s technological advancements and is turning to self-isolation and protectionism. as a solution.
However, as the US news portal Politico noted in June, without the technology trade between the US and China, there will be less money to invest in research and development, personnel and factories across the country that keep American businesses on the cutting edge.
Andrew Polk, an economist at the consultancy firm Trivium, once said that listing Huawei on the entity list “is accelerating China’s technological rise.” “This is ultimately going to prove when we started a fire under China. And it is not going to kill Huawei. It is going to do the opposite.”
Diplomatically, Washington has pulled the strings in Europe and Southeast Asia in a futile attempt to create a front to contain China’s development.
However, such attempts to create confrontation and undermine international cooperation have met with widespread discontent and resistance. From Europe to Asia, world leaders have expressed support for multilateralism and rejection of the Cold War mentality of some American politicians.
For those American politicians with outdated Cold War thinking, the United States can only win by taking China down. However, in the era of globalization which calls for multilateral cooperation, such hegemonic intimidation will surely backfire.