Renowned American economist Jeffrey Sachs has issued a cautionary note regarding the recent protectionist measures taken by the United States. Sachs emphasized that protectionist economies rarely thrive, highlighting that \"the first loser would be the United States.\" This statement comes in response to President Donald Trump's executive order, which imposes a 10 percent tariff on goods imported from China.
The tariffs have sparked widespread criticism and concern among economists and business leaders alike. Sachs draws parallels to the disastrous global effects of protectionism in the 1930s, urging nations to avoid repeating the mistakes of the past.
According to Sachs, the U.S. economy has been \"a major beneficiary of China's economic rise, not a loser,\" and he advocates for a win-win relationship between the two nations rather than a competitive stance. He stresses the importance of maintaining collaborative economic ties to ensure mutual growth and stability in the global market.
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The U.S. benefited from China's rise, protectionism would only hurt it, says expert
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