China Prepared for Long Trade War With U.S., State Media Says
08 August, 2018, 21:03 | Author: Kevin Carter
After a weekend of claims by US President Donald Trump that he has the upper hand in the trade war with China, Beijing responded through state media by saying the nation is ready to withstand the economic fallout.
The announcement came after the Office of the United States Trade Representative announced earlier this week that it was considering increasing the proposed additional duty on $200 billion of Chinese products from 10 percent to 25 percent.
The US economy is more insulated from trade concerns, but Chinese leaders have retaliated strategically, targeting products made in Republican districts and final goods, like soybeans, that can be purchased elsewhere.
China's surplus with the USA swelled to a record in June as exports continued to rise, though signs of front-loading orders suggest the spike may have been a one-off.
Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement. Another $16 billion in levies will likely follow in the coming days or weeks.
China's decision to threaten $60 billion of US goods is the first time this year that Beijing has not tried to match D.C.'s tariffs dollar for dollar. The Chinese side seem to be seeking to match that ratio with the new proposals.
In addition, Beijing announced on Friday that it would add duties ranging from 5 to 25 per cent on an additional US$60 billion in USA goods if the Trump administration went ahead with similar action, warning that further countermeasures were ready at any time.
Within hours, White House economic adviser Larry Kudlow promised Trump wouldn't back down until China changed its trade practices.
There is no evidence, however, that the Chinese government is financing such an advertising campaign in the US. "We are using them to negotiate fair trade deals", Trump said.
"Tariffs are working far better than anyone ever anticipated", Trump tweeted, citing losses in the Chinese market. Wang said on Friday they did not get into details.
The spokesperson pointed out that, because the United States had repeatedly escalated the situation in disregard of the interests of enterprises and consumers of both countries, China was forced to take the countermeasures to protect national dignity and its people's interests, defend free trade and multilateral mechanisms, and safeguard the common interests of all countries in the world.
In another tweet, he said: "Tariffs will make our country much richer than it is today".
The market is not large by value compared with approximately $12 billion of U.S. crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.
"The Chinese are also coping by lowering the rate of the yuan, while the United States can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue".
China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion. A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable".
Manchester United were initially linked with Alderweireld but Spurs' asking price of £75m proved a big stumbling block. Sunday Times reporter Castles believes Manchester United could make a fresh bid to sign the 29-year-old.
JU-Air runs sightseeing tours on its squadron of German-made vintage aircraft from Dübendorf military airfield near Zurich . On its website, JU-Air mentions one past accident, in 1987, at the Koblenz airport in Germany in which no one was hurt.
After throwing insults at both men, Trump also mentioned that he likes "Mike", which is nearly certainly a reference to Jordan. The school was designed for marginalized children who will attend free of tuition and expenses.
"I want to speak to him before I answer these questions", he said when asked if Willian had returned to training on Wednesday. He was less conclusive about Courtois, who has one year remaining on his contract and is also wanted by Real.
They have had to be patient, but it looks like Liverpool midfielder Naby Keita may have been worth the wait. "But they've got to, not just get out of the group stage, but get one or two rounds further in".
Republicans have been hesitant to request those records, however, and have accused Democrats of engaging in stalling tactics. Taylor Foy, a spokesman for Grassley, said the senator still expects the hearing to take place in September.
Police later charged Huiyue Zheng , 32 of Brooklyn, with assault, menacing, criminal possession of a weapon and harrassment. Things got physical when employees blocked the women from leaving the store while waiting for police to arrive.
Thomas captured his first World Golf Championship and heads to his title defense at the PGA Championship with plenty of momentum. Jude Invitational in Memphis, Tenn., next season - shot a three-over 73 on Sunday in Akron, Ohio .
In the span of just under a minute, the gentleman can be seen nearly daring the bison to charge him, which it appeared to do. Superintendent Dan Wenk is quoted as saying: "The individual's behavior in this video is reckless, dangerous, and illegal".
Trump Jr.: Meeting was a 'bait and switch'
Sekulow asked on ABC News' "This Week," implying no laws prohibit campaign aides from meeting with foreign agents. So today's breathless headlines are, as the Powerline blog's Paul Mirengoff called them , "fake news".
Scattered protests in Iran as USA sanctions loom
Central bank governor Abdolnaser Hemmati said the plan reflected Iran's self-confidence in the face of the looming us sanctions. US President Donald Trump pulled out of the 2015 deal in May and ordered US sanctions on Tehran.
Trump tweets about secret Trump Tower meeting
Why does his tweet matter? Another of Mr Trump's tweets over the weekend appears to have stirred trouble at... Trump that that ruling only says you can't be prosecuted while in office", Rubin explained.
China appeals for United States calm after new tariff threat
In response to the earlier reports of the move, Chinese Foreign Ministry spokesman Geng Shuang decried the tactics as "extortion". President Trump wants to reduce this deficit and has planned to implement tariffs against certain Chinese imports.