US, China need to resolve trade issues before both economies hurt: expert

HOUSTON - The United States and China need to resolve their trade issues before both economies get hurt, a US market expert said here Saturday.

US-China trade tensions can be detrimental to both economies, and they need to be resolved as soon as possible, said Carl Larry, market development manager of Refinitiv, a global provider of financial markets data, information, and technology.

He made the remarks on the sidelines of the 2019 Southern-US China Summit, which was co-hosted by Houston Tsinghua Alumni Association and Peking University Alumni.

"If the US can't maintain growth because we have issues with our trade partner, the second largest economy in the world, then we'll see the negative impact," he told Xinhua.

"Knowing the way business works, I think we'll stop before we get to that point," he added, expressing optimism about the two sides resolving the row soon.

"Once we resolve our issues, I think China and the America will have a really good path through economic growth," he said.

In the latest flare-up of US-China trade tensions, Washington increased additional tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent on May 10, and has threatened to raise tariffs on more Chinese imports.

In response, China raised additional tariffs on a range of US imports on June 1, and has vowed to "fight to the end" to safeguard not only its own rightful interests but also the norms of international relations and the free trade system.

Themed "Tsinghua University and Peking University, Jointly shoulder the Responsibility of the New Era," the one-day meeting was dedicated to celebrating the 70th anniversary of the founding of the People's Republic of China and the 40th anniversary of China-US diplomatic relations.

The event attracted around 200 scholars, business representatives, and alumni of Tsinghua and Peking -- the top two universities in China -- to discuss education, energy, health care and investment among other subjects.