US will lose more from anti-globalization: expert

David Dollar, a senior fellow at the John L. Thornton China Center at the Brookings Institution, feels disappointed about the just-concluded US-China Comprehensive Economic Dialogue which he said yielded limited results.

During a recent interview with the Sino-US.com, Dollar said that the cancellation of the press conferences scheduled to be held following the conclusion of the economic dialogue and the understatement of the US officials about the agreements the two countries reached during the economic talks are disappointing.

Despite the fact that the US delegation led by Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross had strongly worded statements about the trade relationship with China during the closed-door meeting, it does not mean that the Donald Trump administration would adopt a tougher trade policy toward China, according the expert.

The different positions of the US and China in the world's value chain led to their different attitudes toward the economic globalization, Dollar noted.

When asked about whether the "Made in America" campaign launched by Trump ahead of the US-China Comprehensive Economic Dialogue took aim at China, Dollar regarded the view as ungrounded, saying that there is no product that is completely made by Americans in the world.

With the development of trade and globalization, some jobs in the developed countries that need semi-skilled workers transferred to the developing countries, fueling fears in the developed countries about the outflow of manufacturing jobs, Dollar said.

Dollar also said that trade benefits differ as countries have different positions in the world's value chain. He took the US as an example. Highly-skilled workers and transnational companies are inclined to benefit from globalization, while ordinary workers have more pressure from unemployment and payment, Dollar explained, saying that it strikes a contrast to China, where ordinary workers obtain benefits from globalization.

In light of this, Dollar suggested that the US government should improve infrastructure and professional education. If the US goes against the trend of globalization and holds an unfriendly attitude toward world trade, it will lose more, Dollar said.


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