The United States enjoys a substantial services trade surplus with trading partners, contradicting U.S. President Donald Trump's claim that the latest tariffs are an answer to the country's trade deficit, said Hu Wei, the CEO of Bank of China U.S.A.
In an interview with China Global Television Network (CGTN) on the sidelines of the Harvard College China Forum, which was held at Harvard University from Friday to Sunday, Hu expressed concerns about the U.S. president's tariff policy.
"When we talk about trade, especially open and free trade, definitely, we do believe trade will benefit all of us," he said.
While it is true that the U.S. imports more goods than it exports with many countries, Hu stressed that Trump has overlooked its surplus in the huge range of services it exports such as banking, technology and travel.
"When we talk about trade, traditionally, we just talk about the trade of goods. But actually during the past several years, the trade of services has increased quite fast," he said.
Hu called for urgent dialogues to stop the financial damage created by some of the steepest duties the U.S. has ever imposed.
"You have to understand each other, you have to know what they are thinking, whether they agree and disagree. You have to listen to them and take care of each other's interests," he said.
Under the theme of "Navigating Changing Times", this year's Harvard College China Forum is expected to help forge international cooperation amid the current perilous moment amid conflicts and wars, as well as rising economic uncertainties caused by tariffs.
Founded in 1997, the annual forum is the longest running student-run conference on China in North America. It brings together global leaders from a diverse array of sectors to talk about the most pressing issues impacting China in Boston, Massachusetts every April.
US enjoys huge services trade surplus with trading partners: Bank of China USA CEO
