The economist predicted the failure of the American economy due to the trade war with China

The US trade war with China could turn into a failure for the American economy. Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements at GUU, shared this opinion in an interview with Izvestia on April 14.

On April 13, the Financial Times (FT) newspaper reported that US President Donald Trump's trade war against China was doomed to failure. The publication noted the dependence of US foreign policy on the government debt market and the current situation of China, which is "well prepared for a war of economic exhaustion against the United States."

"I think such forecasts are quite realistic. The trade war in which the United States is involved creates serious challenges for their economy," Chirkov explained.

According to him, China's economy already surpasses the American one in terms of purchasing power parity by 30%. Overall, China's economy is much larger than that of the United States.

In addition, the expert also pointed to China's active efforts to create an international coalition against the United States.

"I think that the confrontation with China will be very difficult for the United States, and the results can be assessed as a failure for the United States economy," Chirkov summed up.

Market conventions: China and the EU may join forces in a trade war against the United States

The share of their total GDP in the global economy will reach a third in the coming years, but it is unlikely that the countries will remove all barriers.

On April 13, The Washington Post predicted the economic collapse of the United States and China due to the escalation of the trade war. It is clarified that this confrontation increases the risk of massive economic consequences and an escalation of the conflict between Washington and Beijing.