Restriction on Chinese investment to harm U.S. jobs: expert

HOUSTON, March 23 (Xinhua) -- The Trump administration's decision to restrict Chinese investment will have a rippling effect on U.S. jobs, a U.S. economic expert said Friday.

Jon Taylor, a professor at the University of St. Thomas in Houston, said setting barriers for Chinese companies doing business in the United States means "nothing but reducing foreign direct investment which is the key here."

Instead of blocking investment, the United States should invest in areas such as infrastructure, artificial intelligence, big data and technology, he told Xinhua.

"The largest single number of patterns currently being issued right now are in China not the U.S.," Taylor added.

Taylor believes that the U.S. decision to restrict Chinese investment is against globalization and will be detrimental to its own economy and the global economy ultimately.

"Simply stated, protectionism and economic isolation are losing propositions," he said, adding that "globalization has created an integrated supply chain over the past 20 years. Tariffs on imports make U.S. exports less competitive, not more competitive."

Amid strong warnings from business groups, U.S. President Donald Trump Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of Chinese products, and restrict Chinese investments in the United States, fueling fears that the world's two largest economies could be sliding towards a trade war. The Chinese side on Friday reaffirmed its stance against the U.S. moves. Enditem