China Shrugged Off Trump’s Escalation Of Tariff War
China shrugged off US President Donald Trump’s latest escalation of the tariff war, with state media signaling the government is ready to weather the economic turbulence as no progress to resolve the standoff is in sight.
Editorials and commentaries since the Trump administration slapped tariffs on roughly $110 billion in Chinese imports on Sunday have focused on the impact that the latest hikes on goods produced in China will have on U.S. consumers. Late Sunday, the State Council, or cabinet, released a statement pledging to increase economic support if needed.
“It is time the U.S. administration reconsidered its poorly thought out China-bashing moves,” an editorial in the China Daily argued. “Working to secure a trade deal would be a more fruitful approach.”
The new tariffs imposed over the weekend are “a turning point in the trade war” with the U.S., an editorial in the Communist Party’s tabloid Global Times wrote Sunday evening. The report said the tariffs on daily goods are to hit U.S. consumers directly, and it also showed Washington is almost at the end of its wits.
While the Trump administration has dismissed concern about a protracted trade war, business groups are calling for a tariff truce and the resumption of negotiations between the world’s two largest economies.
“China’s determination to fight against the U.S. economic warmongering has only grown stronger, and its countermeasures more resolute, measured and targeted,” according to a commentary by the official Xinhua News Agency after the tariffs kicked in.
The non-partisan Congressional Budget Office in August projected that by 2020, Trump’s tariffs and the trade war will reduce the level of real U.S. GDP by about 0.3% and reduce average real household income by $580.
“U.S. companies have to spend more resources on constantly changing trade rules and less on innovation, new products, and our economic health,” Shapiro said. “This is not how you reach a meaningful trade agreement.”
Source: Bloomberg
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