Xinhua News Agency, Beijing, July 13. Craig Allen, chairman of the US-China Business Council, wrote a few days ago that tariffs and export restrictions on China are weakening the US's global technological leadership and market share.
Allen published an article entitled "U.S.-China Trade Dispute Harm Americans" on the website of the U.S. Political News, calling on the Biden administration to recognize the price the United States has paid for the U.S.-China trade dispute and re-examine its trade policy with China.
Allen said that US exports to China support approximately 1 million US jobs. The Oxford Economic Consulting Company research shows that in the worst period, the US-China trade friction caused 245,000 Americans to lose their jobs and caused US$108 billion in economic losses to the United States.
Allen said that the economic interests of US local governments have been severely damaged in the US-China trade dispute, but their demands cannot be reflected in the federal government’s China policy. In California, nearly 146,000 jobs depend on exports to China.
Allen believes that American companies take more risks in the US-China trade friction. On the one hand, a survey by Moody's Analytics shows that more than 90% of the tariffs imposed by the United States on imports from China are borne by American companies. On the other hand, if American companies cannot invest and operate in the huge Chinese market, European and Japanese companies will use the Chinese market to gradually grow, and the global competitiveness of American companies will eventually be severely weakened.