People in United States have felt more pain than the Chinese counterparts from president Trump’s trade war, if believed to a latest statement from HSBC.
According to analysts Janet Henry and James Pomeroy the study conducted by European Central Bank and International Monetary Fund found the impact of trade war negatively impacted the US economy more than that of China.
It is learned China benefited during the trade war period from high import of its products to most of its trading partners while US couldn’t.
Tariffs on hundreds of billions of dollars worth of products on both the countries against each other led to growth threatening across global economy.
Pantheon Macroeconomics chief economist Ian Sheperdson said the trade war is wrecking havoc in both US and China.
He added, “This makes us all the more convinced that a meaningful trade deal will be done over the next few months, but the manufacturing numbers will get worse before they get better.”
It is a fact that with trade war US has not been hurt alone and Trump had earlier emphasized it was necessary to force Beijing to change business practices seen as unfair.
Equities in the US experienced worst year since the financial crisis.
The trade was struck at a difficult time for China as the country was grappling with weakest pace economy in a decade.
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