U.S. restrictions on trade with China hampering global economic recovery: Cambodian scholar

PHNOM PENH,

April 27 (Xinhua)

The United States' unfair and illogical restrictions on trade with China in the name of protecting its national security are hampering global efforts to revive the economy, a Cambodian scholar said on Tuesday.

The impact of "unfair and unjustified" U.S. measures against Chinese companies and industries will be "disastrous," said Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, noting that it is a clear indicator of the U.S. Cold War mentality.

U.S. Treasury Secretary Janet Yellen, giving remarks last week at the Johns Hopkins School of Advanced International Studies, said that "when necessary, we will take narrowly targeted actions."

Even though certain policies "may have economic impacts, they are driven by straightforward national security considerations," she said.

Speaking of the remarks, Matthews said the rhetoric is groundless, noting that the measures will adversely affect the U.S. economy as the country is suffering from high inflation and fear of economic slowdown.

U.S. restrictive measures against China will further deteriorate the global economy, which is suffering due to the Russia-Ukraine conflict, high fuel and food prices, supply chain disruption, and climate change, he told Xinhua.

He said the U.S.-China economic relations should be based on mutual interests and benefits of the people of the two countries, adding that the United States "is shamelessly misusing the National Security Act to accomplish its hidden goals and agenda through export controls, sanctions, and restricting foreign investments."

The United States doesn't have any concrete or tangible evidence to back up its allegation over China's threat to its national security, which is just an unfounded conjecture, said the professor.

Any attempt to decouple from China will disrupt existing supply chains, exacerbate production delays, and force companies and consumers in the United States to pay more because relocating production cannot happen overnight, according to the professor.

A recent survey by the European Union Chamber of Commerce in China found that European companies continue to value China's lucrative market, reporting no new plans to shift investment elsewhere, he said.

COURTESY: Xinhua

Follow us @NairobiReviewKE for more stories.

If you have a story you'd like us to share kindly DM us directly @NairobiReviewKE on twitter or send us an email on info@nairobireview.com.