United Nations, April 9 (Sputnik) – Jeffrey Sachs, a well-known American economist and professor at Columbia University, told Sputnik that the tariffs recently imposed by the United States will not reduce the country’s trade deficit but will reduce its competitiveness.
“If the tariffs are intended to reduce the U.S. trade deficit, they will fail,” Sachs said. “The trade deficit is a result of the U.S.’s large budget deficit, which will not change because of tariffs .”
He added: “Tariffs will reduce American competitiveness and the living standards of our citizens.”
Earlier, the White House said the United States would increase import tariffs on Chinese goods to 104%.
