Tariff hikes are attempts by the US authorities to curb China's rapid growth and would result in steep losses for both sides, besides causing disruptions to the global economy, economists said.
Recent steps taken by Washington show that they (US) want to suppress China's development, and not just seek better trade balance, said Justin Yifu Lin, dean of the Institute of New Structural Economics at Peking University, and the former chief economist of the World Bank.
"If we agree with Washington's claims on trade this time, it will use other excuses to curb China's development," Lin said in an interview to China Central Television on Tuesday.
China's inexpensive goods have helped keep US inflation at relatively low levels and improved the well-being of its consumers. This has happened despite the fuss about the "huge trade deficit" with China, and concerns that the US stands to lose $500 billion every year, an argument used often to criticize China, Lin said.
"Trade is a voluntary and win-win game. The US is free to look elsewher for the products that it currently sources from China. It buys from China because Chinese products are reasonably priced and of good quality," Lin said. "It is preposterous to believe that the US is suffering because it buys goods from China. Such an argument does not cut ice with those who have a basic knowledge of economics."
Refuting US concerns that China is forcing American enterprises to transfer technologies to Chinese businesses, Lin said such claims are not based on facts and ignore the basic tenets of economics.
US companies have chosen to adopt advanced technologies in their production process in China not because anyone has forced them to do so, but because they want to survive and stand out in market competition, he said.
Commenting on concerns that Sino-US trade friction is a clash of civilizations, Lin said different civilizations can actually coexist and learn from each other. The US is ignoring this positive aspect as it wants to "exclusively dominate the world." Many of the allegations made against China are just excuses for restricting China's development, Lin said.
"China should not compromise its development rights as it is something that every country is entitled to," Lin said.
