2020年CRI US consumers pay the price for Trump's tariff policy, economists

 

Researchers are warning that American consumers and businesses will bear the brunt of the decision by the Trump¹ administration to raise tariffs³ on billions of dollars of imports from China.

American consumers are paying the price for the Trump administration's rising tariffs, as their cost of living is pushed up by higher taxes on imports from China.

That's according to Lin Yifu, who is a senior professor at Peking University.

"The products that are imported from China are not manufactured by the United States itself. These imported products are comparatively cheaper, and are good quality. For example, some products like apparel and shoes which are made in China are much cheaper for American consumers than those made by local manufacturers in the United States."

A report by the U.S.-China Business Council shows that trade between China and the United States saves the average American family 850 dollars a year, accounting⁴ for nearly 2 percent of the average income of an American family.

Zhou Shijian, a senior researcher at Tsinghua University, says American consumers will suffer, as products made in China have become a ubiquitous part of their daily life.

"The most attractive parts about Chinese products are their price and their quality. 86 percent of the toys imported by the United States come from China. And over 60 percent of imported bags and shoes are made in China. The United States relies heavily on consumer goods made in China, and they can hardly find alternatives."

U.S. President Donald Trump has slapped import tariffs on hundreds of billions of dollars of goods from China.

The tariff² hikes impact on the price of thousands of items, including consumer goods like furniture, toys, and handbags.

Businesses have also been hit, paying more for chemicals, telecommunications equipment, and plastics.

Some experts have warned that the rising duties on imports from China will lead to higher shelf prices, as businesses choose to pass on the extra cost to consumers.

Despite President Trump's assertion that China is paying the price of the ongoing⁵ trade war, earlier this month, the world's biggest retailer⁶, Walmart, warned of higher prices for American shoppers as higher tariffs were imposed on imports from China. Macy's department store has issued a similar warning.

Experts point to a lack of domestic savings⁷ and growing fiscal⁸ deficits¹⁰ as being the cause of America's trade deficits with China.

Others have said that President Trump has disrupted trade, hurt manufacturing, rattled¹¹ international markets, and slowed the global economy, pointing to his decision to hike tariffs on goods from China, Canada, and some European countries.

Professor Lin Yifu says the measures have not only failed to reverse America's lopsided trade balance, and have instead raised the cost of living burden for America's families.

"Data from 2018 showed that despite huge tariff hikes by the Trump administration, the United States' trade deficit⁹ increased by over 12 percent and its trade deficit against China also increased nearly 12 percent. The move weakened global trade. American citizens and businesses that use Chinese products are the one's paying the price. Under these circumstances, the welfare of average American families is reduced when they pay more for imported goods. The rising costs will also harm the job market."

China has become the largest trading partner for more than 120 countries. Some analysts¹² say that the demand of Chinese consumers for premium¹³ products will drive up imports and growth opportunities for global investors¹⁴.

1 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

2 tariff   

n.关税，税率；(旅馆、饭店等)价目表，收费表

参考例句：

• There is a very high tariff on jewelry.宝石类的关税率很高。
• The government is going to lower the tariff on importing cars.政府打算降低进口汽车的关税。

3 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

4 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

5 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

6 retailer   

n.零售商(人)

参考例句：

• What are the retailer requirements?零售商会有哪些要求呢？
• The retailer has assembled a team in Shanghai to examine the question.这家零售商在上海组建了一支团队研究这个问题。

7 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

8 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

9 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

10 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

11 rattled   

慌乱的，恼火的

参考例句：

• The truck jolted and rattled over the rough ground. 卡车嘎吱嘎吱地在凹凸不平的地面上颠簸而行。
• Every time a bus went past, the windows rattled. 每逢公共汽车经过这里，窗户都格格作响。

12 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

13 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

14 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会