Chinese state media labels Trump's trade policies 'extortion'

Posted August 08, 2018

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent.

In an interview last month on business-news channel CNBC, Trump threatened to impose punitive tariffs on nearly all imported goods from China.

The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports. In negotiations with China, Trump's major request was a massive reduction in the bilateral trade deficit.

Another $16 billion in USA levies on Chinese goods will likely follow in the coming days or weeks, against which Beijing has said it will retaliate.

"Other countries use Tariffs against, but when we use them, foolish people scream!"

The state-run Global Times, responded to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, saying that China was not afraid of "sacrificing short-term interests".

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Gao added that China's tariff move remains very restrained, which signals that the nation has always opened its door to negotiations with the United States under the framework of the World Trade Organization, while reserving the right to deploy countermeasures.

Lu Xiang, an expert on U.S.

Speaking on the sidelines of a a Southeast Asian security conference also attended by the US Secretary of State Mike Pompeo in Singapore, Foreign Minister Wang Yi said China's threat of retaliatory tariffs was "fully justified and necessary". He told trade officials this week to consider raising that to 25 per cent.

At a time when China is opening its domestic market to more foreign trade and investment than at any time in China's modern history, policy makers in Beijing have opted to retaliate against America's ongoing tariff onslaught in a manner that will force United States producers to apprehend the reality that in a prolonged trade war of Washington's own making, USA industries will be the penultimate victims.

President Donald Trump will keep pressing China for trade concessions, a top White House economic adviser said Friday, as the Asian nation continued the tariff escalation by announcing further retaliatory actions against USA goods.

Washington is expected to soon implement more tariffs on $21 billion in additional Chinese goods, which China has already announced it will match immediately.

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An editorial of People's Daily, the mouthpiece of the Communist Party of China, said that the US President was starring in his own "street fighter-style deceitful drama of extortion and intimidation".

"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation".

By contrast, the Chinese phone maker Huawei has just overtaken the U.S. brand Apple as the most purchased make of smartphone in the world.

China is trying to seek an "equal" position in future talks with the USA with Friday's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

The new tariffs would hit items from China like handbags and petroleum. "Our market is stronger than ever, and will go up dramatically when these disgusting Trade Deals are successfully renegotiated", he tweeted.

It's the first time the fuel has been ensnared by the expanding trade war and billions of United States dollars may hang in the balance.

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