US economist calls for removal of tariffs between China, US

CNC
Added On December 5, 2019

U.S. economist Alan Deardorff has said trade war has caused all sorts of problems, not just because of the higher tariffs themselves, but also because of adjustments that markets have to make in response to the tariffs. Economy Report has the details. SOUNDBITE(ENGLISH) ALAN DEARDORFF, Professor, University of Michigan: "The sooner we can take off those tariffs, the better, (because) some of those adjustments won't have to be undertaken, and we'll be able to get back to where we were before.It's very much in the interests of almost everybody in both countries to reverse this whole process, and get rid of the tariffs." Deardorff holds that China and the United States were in a pretty good place in terms of trade before the United States initiated escalating tariff measures against China. SOUNDBITE(ENGLISH) ALAN DEARDORFF, Professor, University of Michigan: "I think we benefit tremendously from trade with China...and the expansion of China's exports is far more than anybody thought it would be...I think it's just because China is a very productive country, making really good stuff that we are all benefiting from." The professor also noted the importance of globalization. Calling himself an advocate for it, Deardorff said he is glad to see China making efforts to promote globalization.