Economists: Unite to oppose US tariff hikes

Countries should pursue mutually beneficial economic ties, they say

As the United States clearly leverages tariffs as a bargaining chip in its dealings with trade partners, the rest of the world must stand together to respond in a cooperative manner, rather than negotiate for Washington's mercy, economists have urged.

"The US economy is large indeed, but it only makes up 15 percent of global trade," said Justin Yifu Lin, former chief economist at the World Bank, and dean of the Institute of New Structural Economics at Peking University.

"If the rest of the world, accounting for 85 percent of world trade, comes together to oppose the US tariff wars and pursues economic exchanges in a more open and mutually beneficial manner, the US will only end up hurting itself more than other economies," Lin added.