Friday, 17 August, 2018

Trump's trade 'extortion' won't work, China state media says - worldwide

Trump Claims Tariffs Are 'Working Big Time,' But Can't Back Up His Claims ‘Wishful thinking’: Chinese newspaper rips Trump’s belief he’s winning trade war | TheHill
Rhonda Young | 10 August, 2018, 09:43

Chinese state media kept up their criticism of U.S. President Donald Trump's trade policies, with a newspaper on Tuesday describing as "wishful thinking" Trump's belief that a fall in Chinese stocks was a sign of his winning the trade war.

On Friday, China unveiled additional tariffs on 5,207 goods imported from the U.S., worth US$60 billion.

China proposed retaliatory tariffs on US$60 billion (RM244.7 billion) worth of US goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, following a proposal by the administration of US President Donald Trump for a higher 25 per cent tariff on US$200 billion worth of Chinese imports.

The trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar have raised concerns that China's economy could face a steeper slowdown.

The U.S.is using "carrot-and-stick diplomacy to bully China into unilateral trade concessions", but any move to "defeat China" will be futile, said the People's Daily.

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The paper referred to a Saturday Tweet by Trump which said "Tariffs are working far better than anyone anticipated".

China's stock market was performing poorly before the USA administration imposed tariffs, said the English-language newspaper, asserting that the downturn was partly due to Beijing's attempts to cut corporate debt.

The overall USA trade deficit jumped 7.3 percent in June and is on track to hit a 10-year high, noted China Daily.

If China goes forward with the decision nearly 90% of the USA's exports to China will be subjected to the tariff.

Michael McCarthy, Sydney-based chief market strategist at CMC Markets and Stockbroking, wrote in a note that any "further rhetorical exchanges" could curb investor enthusiasm.

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The Communist Party paper said that Beijing would overcome the American "trade blackmail", adding: "China will not surrender to the USA, nor could it ignore the trade war".

"Washington is playing double-faced tactics in the ongoing trade war", the official newspaper of the Chinese Communist Party said in its editorial.

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.

With tariff tensions rising between U.S. and China President Trump doesn't seem to take a backseat.

The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, said China did not fear "sacrificing short-term interests".

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