The host of Economic Update sat down with RT’s Boom Bust to discuss the deteriorating relations between the world’s two biggest economies. Wolff believes that profits of American corporations will fall victim to the ongoing rift. He also stressed that, as well as inflicting losses on US businesses, Washington’s aggressive policies against China could hike prices and hurt American consumers.

“The United States needs China. It has produced greater profits for American corporations than they were able to get here in the United States,” Professor Wolff said, explaining that much of US businesses’ profitability comes from relocating to China and its booming market.

“We are already in an economic difficulty and that is an unthinkable additional burden on the American economy,” he said.

For more stories on economy & finance visit RT’s business section

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Wall St gains, S&P 500 on track for 6th straight record closing high

NEW YORK (Reuters) – Wall Street advanced on Friday pushed higher by technology stocks, with the S&P 500 on track for its sixth record closing high since confirming a bull market on Aug. 18. The gains also put the Nasdaq…

Futures rise on hopes virus may be over soon; Sprint soars

Original source: Reuters (Reuters) – U.S. stock index futures rose on Tuesday as a top Chinese health adviser said the coronavirus outbreak may plateau in the next few weeks, while Sprint shares surged on hopes of favorable ruling for its…

James Moore Why Rishi Sunak’s Budget will define an era

Today’s Budget looks set to be one of those era-defining ones in which there is a shift in both direction and tone. Comparisons could include Geoffrey Howe’s 1981 monetarist monster that saw spending cut and taxes hiked in the middle of…

Apple launches phone-based car keys, new features at developer conference

SAN FRANCISCO (Reuters) – Apple Inc (AAPL.O) on Monday announced a system to let iPhone owners unlock and start cars with their devices at its annual conference for software developers. The new system, which also lets users share digital car…