Former World Bank President: Increasing tariffs harms China-U.S. economic and trade relations, and these tariff policies are not the right decision

ChainCatcher news, according to Jinshi reports, recently, former World Bank President and former U.S. Deputy Secretary of State Robert Zoellick stated that tariffs not only increase corporate costs but also reduce productivity. Both China and the United States will be negatively affected by such policies.

He emphasized that tariffs not only harm the healthy economic and trade relationship between China and the U.S., but the tariffs imposed by the U.S. on Canada and Mexico also severely impact the North American automotive industry. "Therefore, I believe these tariff policies are not the right decision," Zoellick stated.

However, he also mentioned that tariffs are sometimes used as a negotiation tool. He pointed out that the U.S. may use tariffs as a means to pressure other countries. For example, the U.S. attempts to exert pressure on China regarding issues such as fentanyl through increased tariffs.