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US risks losing big for fighting trade war with China

By Curtis Stone (People's Daily Online)    10:20, August 29, 2019

On Tuesday, Costco opened its first physical store in China, attracting so many shoppers that the outlet shut down early. It is apparent from the large crowds that there still is strong Chinese demand for US goods, but this should also serve as a reminder of just how much America has to lose if it continues to escalate the trade war with China.

Instead of leaving the Chinese market, the world-famous US retail giant opened a flagship store with a shopping area of 14,000 square meters in Shanghai, and the scene that unfolded on its first day shows that the Chinese consumer market is just too big to ignore.

 

(Photo/Screenshot of Cui Tiankai's Twitter account)

Cui Tiankai, Chinese Ambassador to the US, responded to the news, calling it a mutual benefit for both countries. On his Twitter account, Cui wrote that the opening of the store in Shanghai shows the huge interest of American companies in the robust Chinese consumer market and that of Chinese consumers in American products.

US President Donald Trump likes to say that his tariffs are hurting China and that China is desperate for a trade deal. Trump also likes to say that trade wars are good and easy to win. He recently said that “we don’t need China” and that American companies would be better off without them. These are not persuasive arguments.

As the extremely large crowds at the newly opened store show, America needs China just as much as China needs America. Thus, the best way to serve the China-US relationship is to stop fighting with China and focus on creating greater mutual benefit.

Many American companies want to see their brands become popular with the Chinese consumer. They understand there are big opportunities in the Chinese market and they see the strong appetite for foreign goods. However, the trade war undermines all of this.

Certain people in the United States are seeking to decouple the US and Chinese economies, hoping that this will revive the US economy, but this is like sailing upstream without a paddle. Decoupling would not only be counterproductive but destructive for both sides.

The trade war has already affected both sides. However, all you need to do is look at the videos of Chinese shoppers crowding the aisles of the Costco store in Shanghai to know that the United States has a lot to gain from greater cooperation with China and a lot to lose if it erects a wall between the world’s two largest economies.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Du Mingming, Liang Jun)

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