Chinese Ambassador to Nigeria, Yu Dunhai, on Friday, said that the current United States tariffs policy under President Donald Trump could trigger a severe global economic downturn, which could also in turn hurt the US economy.
Dunhai issued the warning at a news conference in Abuja, cautioning that the United States' aggressive trade tactics, which put top pressure on its trading partners, could ultimately backfire.
According to him, the US is essentially working against itself because the ongoing tariff battle may harm the interests of the US, as well as its allies.
“By disregarding international cooperation and escalating the trade conflict, the US runs the risk of fueling inflation,” Dunhai said.
“This will undermine its industrial sector, instigate market upheaval, thereby heightening the possibility of an impending economic recession.”;
On Thursday, President Trump said he
Trump, however, did not give specifics or indications of how talks would get underway with the two superpowers at an apparent impasse.
The US leader had placed 10% tariffs on most goods entering the country but delayed the implementation of higher levies, pending negotiations.
He later increased rates on Chinese imports to 145%, after China retaliated with its own counter-measures.
