All eyes are on the posturing of the United States and China in what some are calling could be a full-fledged trade war, with implications felt right here in Connecticut.
The Trump Administration is showing no signs of backing down in the growing U.S. trade conflict with China, as White House Economic Adviser Larry Kudlow told press the biggest reason for the rift is China allegedly stealing U.S. technology.
“When they steal our technology,” said Kudlow on Friday. “They're stealing the guts of the American future, our innovation, our entrepreneurship."
But, China has pledged to “counterattack with great strength” after President Trump threatened to up to ante with $100 billion of tariffs on Chinese goods. Trump’s move came in response to China’s decision to impose $50 billion of tariffs on American experts like soybeans, pork, and aircraft.
Quinnipiac University professor David Cadden said the entire world will watch this high stakes game of chess.
“This really is something that can have a global impact,” said Professor Cadden.
“What I hope is occurring is that these are a series of progressive gambits leading up to forcing each side to come to some sort of accommodation and cut a deal.”
Cadden said Connecticut’s economy could be impacted especially in the spheres of agriculture and aircraft manufacturing, but most residents may feel the consequences in the stock market, especially if the uncertainty lingers.
“I'm a retiree so I'm looking almost everyday and saying ‘how will this affect my retirement funds?’” posed Cadden.
Cadden said the United States must act on the unfair trade with China and intellectual property theft.
“Unfortunately, this is one that only the future will tell whether this was the right decision or not,” said Cadden.
The White House remains optimistic on resolving the dispute and avoiding a trade war, but as Professor Cadden said, only time will tell.
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