US strategy to 'increase pain' on its people

A lose-lose strategy by which the United States thinks it can inflict more economic damage on China than on itself is a very "big miscalculation" and will ultimately increase the "pain" on the people in the United States, according to John Ross, a British academic and senior fellow with the Chongyang Institute for Financial Studies at Renmin University of China.

"It is estimated by the Oxford Economics that it will cost the average US household at least $850 a year if the US is going to impose tariffs on all Chinese products," Ross said.

Oxford Economics, a leading consultancy in global forecasting and quantitative analysis, said in a report focusing on the US-China trade relationship that trade with China not only saved a typical US household $850 in 2015, but also has created 2.6 million jobs in the US, which could be put at risk due to retaliatory tariffs.