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
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
