Trade wars hit global recovery
China should push ahead with its policy of trade liberalization despite all the protectionist measures introduced by the US
Superficially, turning to trade protectionism will improve a country's international payment conditions and its economic structural adjustment, but it will also aggravate the shrinking of the global economy and further increase the costs for countries trying to emerge from the lingering international financial crisis. Trade wars will also result in distorted resources distribution in the countries involved and undercut the efficiency of global economic development.
The Obama administration knows this, but plagued by domestic economic woes, it has chosen to instigate trade wars, turning a blind eye to the fact that such acts contravene its own long-standing calls for trade liberalization.
