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| Xi Jinping |
Chin is threatening to levy retaliatory tariffs against the U.S. in response to President Trump's announcement that the U.S. would place new tariffs on Chinese goods beginning next month.
China's government accused Trump of violating his agreement with President Xi Jinping to revive negotiations aimed at ending a trade war between the two economic powerhouses, The Associated Press reports.
And he did.
Xi and Trump had agreed to hold off on implementing additional tariffs during a June meeting at the Group of 20 summit.
If the new tariffs do go into effect, “China will have to take necessary countermeasures to resolutely defend its core interests,” foreign ministry spokeswoman Hua Chuying told reporters, according to the AP.
“We don’t want to fight, but we aren’t afraid to,” Hua said. She called on the Trump administration to “abandon its illusions, correct mistakes, and return to consultations based on equality and mutual respect.”
Of course, retaliatory tariffs are as misguided as Trump's tariffs, they will hurt the Chinese people but this is the state of international trade in the Age of Trump.
As for Trump, he may be playing to his base ahead of the 2020 presidential election with his tough-guy trade posture, even though U.S. farmers, workers, consumers and businesses are hurt. Trump's people are perhaps willing to sacrifice. It's the John Wayne act over sound policy.
-RW
China is mad because they need us more than we need them. Xi and the commies there won't know what to do if they can't keep their people busy making cheap crap that even their own population can't buy. China only rose because Clinton and Obama along with a wink from Team R willfully sent manufacturing and technology to them otherwise it would have taken a lot longer for them to accomplish anything.
ReplyDeleteBut hey, let us keep believing the libertardian BS. And those tariff's may or may not be passed along in the cost of the product. Not like I'm buying a damn i-phone anytime soon anyway since I don't have enough white privilege.
Trade is never a matter of "they" vs "we". It's two people deciding that they BOTH are better off, as individuals, because they took part in the transaction.
Delete"Clinton and Obama along with a wink from Team R willfully sent manufacturing and technology to them..." Do you mean government allowed the owners of technology and manufacturing to trade with China? Because government certainly doesn't own own it...yet.
DeleteThe tariff “war”’will hurt the US and China. It will come down to an economic game of chicken. The scary part is the uncertainty around the trade “deal” that emerges after this is over.
ReplyDelete