China ready for 'protracted' trade war with US

Devin Lawrence
August 8, 2018

Chinese state media launched a blistering personal attack at President Trump, claiming his trade policies amounted to "extortion", according to a report on Monday.

Beijing has insisted its measures are "rational" and warned the United States its tactics would not work.

Trump suggested that his use of tariffs has directly damaged the Chinese economy, something that he said would continue unless they agreed to his demands, which includes allowing more US exports and investments.

The US widened the tax net to cover Mexico, Canada, the European Union and India. At minimum, we will make much better Trade Deals for our country!,' he added.

To put matters bluntly, the USA government is now facing the medium term possibility of paying its farmers to throw away foodstuffs while Chinese investment in its various domestic industries is used to help push Chinese goods to the forefront of innovation while helping Chinese products ranging from agriculture to industrial goods to reach foreign shelves. U.S. manufacturers are considering expanding outside the country to avoid the widening trade conflict, according to the Institute for Supply Management's July survey.

That move was in response to the Trump administration's proposal of a 25-percent tariff on $200 billion worth of Chinese imports.

"Governing a country is not like doing business", the paper stated, adding the Trump's action compromised the national credibility of the United States.

"Instead of retaliating, China should address the long-standing concerns about its unfair trading practices", White House spokeswoman Sarah Sanders said in an emailed statement.

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In addition, more than 500 goods on the lists aren't traded at all, and China imported less than a million dollars worth of about another 2,000 items, according to a Bloomberg analysis of 2016 trade flows.

Taking into full consideration the interests of its people and companies, as well as the global value chain, the Chinese government made the decision to impose differentiated tariff rates targeting $60 billion worth of United States goods.

"This could be, I don't want to say 'catastrophic, ' but very, very painful for the industry", Snow said.

China's new countermeasures to impose additional tariffs on about 60 billion US dollars worth of products from the United States are "rational and restrained", a spokesperson with the Ministry of Commerce (MOC) said Friday.

Lu Xiang, an expert on U.S.

China has now either imposed or proposed tariffs on $110 billion of United States goods, representing the vast majority of China's annual imports of American products. On the other hand, Chinese central bank's efforts to bolster the tumbling yuan helped to stabilize the currency. United States business and farm groups, which do extensive business with China, have complained for months about Mr Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the US. Kudlow cited state subsidies and forced technology transfers as behaviours that the Trump administration wants China to end.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) before their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore, yesterday. "Time will prove that the US eventually makes a fool of itself", the paper said.

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.

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