Aerial photo taken on April 11, 2019 shows a container wharf at Qinzhou port in south China's Guangxi Zhuang Autonomous Region. (Xinhua/Cao Yiming)
The U.S. moves may have repercussions on the global market, and the U.S. economy may also be affected negatively if the dispute continues, said Nelson Musonda, president of Chililabombwe Chamber of Commerce and Industry in Zambia.
NAIROBI, Aug. 12 (Xinhua) -- Many scholars and business leaders consider the U.S. flip-flopping on its trade policy towards China an act of bullying after Washington decided to impose an additional 10 percent tariffs on 300 billion U.S. dollars worth of Chinese imports, contradicting the consensus reached by the two heads of state in Osaka.
Eric Mangunyi, a researcher at the Walter Sisulu University in South Africa, said it is obvious that the United States is trying to press China to make significant concessions on trade talks while refusing to budge itself.
"The U.S. is a bully and is not genuine in reaching a win-win trade deal with China," Mangunyi said.
Nelson Musonda, president of Chililabombwe Chamber of Commerce and Industry in Zambia, said the U.S. moves may have repercussions on the global market, and the U.S. economy may also be affected negatively if the dispute continues.
A trader works at the New York Stock Exchange in New York, the United States, on Aug. 5, 2019. (Xinhua/Guo Peiran)
"Every time you apply the bully method, natural selection removes the bully," Musonda said.
According to Mangunyi, businesses in the United States have already been hurt. He said the country is likely to see a depression of investments in various sub-sectors dependent on import goods.
"Furthermore, the world over, investments in countries will slow down and this would also 'shake' global business confidence," Mangunyi said. "This in general will have consequences that impact on overall economic growth of countries and the global economy."
Jannie Rossouw, a professor at the School of Economic and Business Sciences at the University of the Witwatersrand in South Africa, said the U.S. move will be detrimental to the investment mood and global business because trade is good for any economy.
"People trade to get more efficiency in the markets so if you impose tariffs on trade, it will be negative for the markets, world economy and investment prospects," Rossouw said, echoing Mangunyi's words that the trade dispute would stifle the recovery of the global economy in 2019.
Globally, unsteady stock markets will persist, Mangunyi said, adding Kenya has already felt the heat as foreign investors are leaving due to the global trade war.
