US-China Trade War. An Expert Discussion
On May 12, the Valdai Club hosted an expert discussion dedicated to the US-China trade war. The introduction of tariff restrictions on China was one of the most high-profile decisions of the Donald Trump administration. The trade war between the two countries has flared up with renewed vigour and exacerbated the rivalry between Washington and Beijing. Along with raising tariffs, Washington has resumed its sanctions policy over the Hong Kong issue. Beijing has responded with countermeasures and is preparing restrictions for American officials. The contradictions between China and the United States in trade determine the development of economic relations not only at the bilateral level, but also globally, causing an increase in inflation and a fall in stock markets. Even during his first term, Donald Trump demanded a rectification of the trade imbalance with China. However, the deal was thwarted by the pandemic, and then by the change of power in Washington. This time, he has raised import duties for dozens of countries, but China remains the key target. How far are the parties willing to go in raising duties? Can China form a coalition with other victims of US trade policy? Can the WTO resolve the trade conflict? What could be the consequences of a new tariff war for global trade and the economy? What should Russia expect? Will it be able to benefit from the current situation? The participants of the discussion will try to answer these and other questions. Speakers: Olga Biryukova, Senior Research Fellow, CCEIS and HSE Responsible Business Lab Jeffrey Sachs, Professor, Columbia University (USA) Zhao Huasheng, Professor, Institute of International Studies, Fudan University (Shanghai); Senior Fellow of Beijing Club for International Dialogue Dmitry Kiku, Deputy Director of the Department of External Restrictive Measures Control, Ministry of Finance of the Russian Federation Moderator: Ivan Timofeev, Programme Director of the Valdai Discussion Club
On May 12, the Valdai Club hosted an expert discussion dedicated to the US-China trade war. The introduction of tariff restrictions on China was one of the most high-profile decisions of the Donald Trump administration. The trade war between the two countries has flared up with renewed vigour and exacerbated the rivalry between Washington and Beijing. Along with raising tariffs, Washington has resumed its sanctions policy over the Hong Kong issue. Beijing has responded with countermeasures and is preparing restrictions for American officials. The contradictions between China and the United States in trade determine the development of economic relations not only at the bilateral level, but also globally, causing an increase in inflation and a fall in stock markets. Even during his first term, Donald Trump demanded a rectification of the trade imbalance with China. However, the deal was thwarted by the pandemic, and then by the change of power in Washington. This time, he has raised import duties for dozens of countries, but China remains the key target. How far are the parties willing to go in raising duties? Can China form a coalition with other victims of US trade policy? Can the WTO resolve the trade conflict? What could be the consequences of a new tariff war for global trade and the economy? What should Russia expect? Will it be able to benefit from the current situation? The participants of the discussion will try to answer these and other questions. Speakers: Olga Biryukova, Senior Research Fellow, CCEIS and HSE Responsible Business Lab Jeffrey Sachs, Professor, Columbia University (USA) Zhao Huasheng, Professor, Institute of International Studies, Fudan University (Shanghai); Senior Fellow of Beijing Club for International Dialogue Dmitry Kiku, Deputy Director of the Department of External Restrictive Measures Control, Ministry of Finance of the Russian Federation Moderator: Ivan Timofeev, Programme Director of the Valdai Discussion Club