Import tariffs ‘inevitably’ making US inflation worse, China commentary says, as consumers and firms continue to foot the bill
- Commentary from China’s top economic planner says Washington’s anti-globalisation, decoupling and disconnection efforts have ‘inevitably’ hurt US inflation
- US has raised import tariffs on a range of products in recent years, including last week’s planned increases on Chinese-made electric vehicles, solar cells and steel
Increased use of imports tariffs by the United States, including on Chinese goods, have only worsened its own inflation, while Washington’s anti-globalisation and decoupling stance is a threat to the world, according to a commentary by China’s top economic planner.
“The US’ pursuit of anti-globalisation, decoupling and disconnection has resulted in a mismatch of global resources, as well as supply and demand, which will inevitably impose further constraints on the fall in [US] domestic inflation,” the National Development and Reform Commission (NDRC) said in a commentary posted on its WeChat social media account on Monday in its latest criticisms of Washington’s trade policies.
“This is not only a new problem facing the US economy, but also a threat facing the global economy,” according to the commentary written by Jin Xuan.
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The official role of the author has not been disclosed by the top economic planner, although Jin Xuan is often viewed as a pen name used to deliver official messages.