Can the Ongoing Trade War With China Push US Economy into Recession?

Any further tariffs on Chinese goods could push the US economy into a "Trump recession". US and China have been fighting a trade war, with..

The row between two superpowers emerges again

According to Gary Shapiro, President and CEO at Consumer Technology Association, any further tariffs on Chinese goods could push the US economy into a “Trump recession”. Since the past year, US and China have been fighting a trade war, with each side imposing higher tariffs on each other’s imports.

Shapiro made these statements while speaking with CNBC at CES Asia technology conference in Shanghai. He also criticized tariffs, terming them as an economic fence which were not a good strategy to turn to when trying to resolve trade disputes between US and China.

Although Trump has claimed that the tariff hikes so far are intended to hurt the Chinese economy, this is not a view shared by economists outside the White House. As Shapiro noted, “They are taxes, they hurt consumers, they hurt American companies.”

Several economists have warned that a prolonged tariff war with Beijing could backfire and send the US economy into recession, although Trump still refuses to see this issue from their point of view. Recent economic data releasing from the US also supports economists’ warning of a potential slowdown in the economy.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers