William Zarit told The Associated Press in an interview Wednesday that proposed tit-for-tat tariff hikes by both sides would first hit global stock markets.
Zarit said he still hopes Washington and Beijing will not follow through on their threats. Instead they should work toward a “serious negotiation.”
On Wednesday, China announced its plan to impose additional tariffs on 50 billion U.S. dollars of imports from the Unites States, including soybeans, automobiles, and some chemical products.
The Ministry of Finance said China will impose a 25 percent tariff increase on 106 products imported from the United States, in addition to the increased tariffs...
"The direction of what the US government is doing, and that is to apply some pressure, use some leverage, to level the playing field is the right one, although I don't think tariffs is the best way to go," said William Zarit. chairman of the American Chamber of Commerce in China.
"I think it (trade war) will hurt both countries, and there would be collateral damage, I’m sure, in other markets. So a trade war, basically, everybody loses."
——William Zarit, chairman of the American Chamber of Commerce in China.