'President's folly': China reaches into United States heartland in trade war
- Author: Anthony Vega Sep 26, 2018,
Sep 26, 2018, 1:57
The paper was released Monday shortly after US President Donald Trump slapped 10% tariffs on $200 billion worth of Chinese imports.
The U.S. and China implemented another round of tariffs on billions of dollars' worth of one another's goods on Monday, which has the potential to raise U.S. prices on some common consumer items.
China dashed prospects for a near-term resolution to the trade war with the US, warning President Donald Trump his threats of further tariffs are blocking any potential negotiations.
U.S. activated tariffs on $200 billion in Chinese goods that have scuttled their bilateral talks. The US introduced a 25-percent charge on $34 billion worth of Chinese goods.
Just an hour after the new USA tariffs on Chinese imports kicked-in on Monday, China cancelled its negotiation talks with the world's largest economy.
Fu Ziying, another vice minister of commerce, noted that some in the United States accuse Beijing of engaging in unfair competitive practices, causing the huge trade deficit between the two countries.
'If this continues, it will destroy in an instant the gains of the last four decades of China-US relations'.
Signs featuring U.S. and Chinese flags are seen outside a store selling foreign goods in Qingdao
High-ranking officials from several Chinese government agencies held a press conference on Tuesday as Beijing rolled out a new white paper claiming to set the record straight on trade-related facts. Businesspeople who have met Chinese economic planners say they appear unwilling even to discuss technology policy the ruling Communist Party sees as a route to prosperity and global influence.
Germany has outpaced the United States as the top exporter of vehicles to the Chinese market, Beijing's Commerce Ministry said, citing current Sino-American trade tensions as the major reason for the decline in the U.S. share.
But in a policy statement issued just hours after the dual tariffs took effect, Beijing accused Washington of using tariffs as a means of intimidating other countries to submit to US wishes on economic matters.
He told the representatives that "certain United States forces have been making groundless accusations against China on trade and security, generating confrontational sentiments and poisoning the atmosphere of bilateral ties", according to a statement released Tuesday by the foreign ministry.
Neither side has backed down since the tit-for-tat tariff war began in July when the USA imposed duties on US$34 billion of Chinese goods. This is not only irresponsible but has also poisoned ties, he was quoted as saying.
China will "earnestly reduce taxes and burdens for companies and strive to optimise the business environment", he added.
Isaac Boltansky, a policy analyst at the research and trading firm Compass Point, said the broadside against China and continued threats of tariffs could trigger a more forceful response from Beijing.
"As such, it is an attractive prospect for other countries, including the United States, to coexist with China peacefully".