The punitive actions unveiled on Thursday by US President Donald Trump, including tariffs on $60 billion worth of Chinese goods, indicates that the United States is losing its competitive advantage over China, an American writer and retired professor says.
“The US…is losing its competitive position in the world markets and is using unfounded accusation against China as a pretext to impose tariffs,” said James Petras, a professor emeritus of sociology at Binghamton University in Binghamton, New York, and adjunct professor at Saint Mary’s University in Halifax, Nova Scotia in Canada.
“The lost of competitiveness by the US is in part due to its enormous spending on arms and its overseas military bases and its heavy emphasis on the financial Wall Street speculative economy,” Petras told Press TV on Thursday.
“Instead of introspection and internal rectification, its externalizing its problems to China” he added.
The US fell out of…