US needs to 'work closely' with China

Tariffs by the United States on Chinese goods will only raise US consumer costs while straining the global economy, a renowned professor of finance said.

"At the end of the day, the US needs to work with China. There's no doubt in my mind," said Joseph Cherian, CEO, president, dean and distinguished professor of the Asia School of Business.

When the United States imposes tariffs, the impact largely depends on the availability of domestic substitutes, Cherian said in an exclusive interview with China Daily on the sidelines of the signing ceremony of a strategic cooperation agreement between the Asia School of Business and Tsinghua University's PBC School of Finance.