The U.S. economy will lose because of its actions against China, the chairman of the government spending watchdog, the Russian Accounts Chamber, Alexey Kudrin said on Wednesday.
Although the trade war between China and the U.S. will not hit severely the Chinese economy and the volume of world trade, actions by U.S. President Donald Trump undermine the World Trade Organization (WTO) system, create uncertainty and mistrust of the investors, the former Russian finance minister wrote on Twitter.
On the horizon of 10-15 years this will cause the decline of the U.S. economy, Kudrin predicted.
The economist said it was not correct to compare U.S. tariffs against China with the U.S. sanctions against Russia.
"Trade measures against China are easily reversible -- it is enough for Trump to cancel several decrees. And sanctions against Russia are initiated by the Congress, it will be very difficult to get rid of them," Kudrin wrote.
Washington said Monday it would begin imposing 10 percent tariffs on Chinese goods worth $200 billion starting next week, adding the rate of tariffs will rise to 25 percent on Jan. 1.
Beijing quickly retaliated by announcing it would implement 5-10 percent tariffs on $60 billion worth of American goods, which also will go take effect next week.
China said it has filed a complaint to the World Trade Organization (WTO) against the U.S.
Beijing will look for permission from the WTO to impose additional sanctions against the U.S. on Friday.
