US tariff policy 'destructive' for itself and the world, says US scholar

Washington's latest tariff policy is "destructive for the United States and disruptive for the world," said Jeffrey Sachs, a world-renowned professor of economics and director of the Center for Sustainable Development at Columbia University.

He made the remarks as US President Donald Trump signed an executive order on the so-called "reciprocal tariffs" on Wednesday, imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners, including China.

The order stipulates that all imports would be subject to additional 10 percent tariffs, except as otherwise provided, effective on April 5.

In an interview with China Daily, Sachs said "Protectionism will fail and increasingly isolate the US in the world economy and politics. There are few countries that will accept Trump's approach, even in Europe."

According to him, as the US embraces protectionism, the world needs to be very open with each other. For instance, if Europe is exporting less to the US, it can export more to China and China can export more to Europe. There is an opportunity for trade to expand between countries, ultimately making the US the loser of protectionism.

Sachs added that the additional tariffs will surely lower the US' standard of living, partly through higher prices and stagnant incomes.

"Many American politicians view China as a threat. But China is no threat. It's just a very successful country. We don't have to be afraid. We should be celebrating China's success because China's success is good for the US too," he said.