Chinese Premier Slams "Unilateralism" In Trade Disputes

Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province China

The new USA tariffs will begin on September 24 at 10 percent and will increase to 25 percent by the end of 2018, with Bank of America Merrill Lynch forecasting a 0.5 percentage point decline in Chinese gross domestic product (GDP) growth for 2019 to 6.1 percent.

China responded by imposing tariffs on US$60 billion worth of United States goods.

But, he said voters know China has been taking advantage of usa trade for years.

"Trade wars are not good and they are not easy to win, and this escalation is of course very unfortunate", European Trade Commissioner Cecilia Malmstrom told reporters, echoing one of Trump's catch phrases that trade wars were easy to win.

"There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!"

It was not clear what open statements by China - if any - Trump was referring to. That hurt soybean powerhouse states like Illinois, Kansas and Minnesota, which are all toss ups in the November House races.

It is also misguided to think of this dispute as all about Trump, Massot said.

Still, a solution to the trade conflict seems a long way off.

He said China rebuilt itself with the "tremendous amount" of money pouring out of the US.

Since coming to power Trump has pursued Beijing, complaining about its huge trade surplus with the United States, accusing Chinese companies stealing American intellectual property and forcing U.S. firms to transfer technology to gain market access.




Thus far, the president's trade decisions towards China betray nearly no policy substance, but they do suggest a showman's instincts and a pugilist's impulse to hit back when hit.

The import tax - as high as 10 percent - is in retaliation to a similar US tariff on $200 billion worth of Chinese made goods that also kicks-in next week. That rate is then expected to rise to 25 percent at the end of the year. Trump's comments about election interference were correct, Xia said, as "the Chinese regime tries to give Donald Trump a hard time with some retaliation on the US farmers".

The South China Morning Post cited a source Tuesday who said Trump's new tariffs will "likely" scuttle next week's talks. Since early February, the dollar has gained more than 6 percent against the Chinese yuan, a move that could erode more than half of the new tariffs' impact. And in a victory for Apple Inc., the administration removed smart watches and some other consumer electronics products.

The products spared included consumer electronics like smartwatches and Bluetooth devices, child safety products such as high chairs, vehicle seats and playpens, and certain health-and-safety products such as bicycle helmets.

According to Xia Yeliang, a libertarian scholar and former professor of economics at Peking University, Chinese leaders will be looking to save face as they were caught off-guard by Trump's announcement.

"This shows you how complex it is to narrow the trade deficit", said Torsten Slok, chief worldwide economist for Deutsche Bank Securities.

The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing USA companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

That could soften the blow to consumers and manufacturers among others ahead of the midterm elections.

The Chinese government has yet to issue official comment on the move, but is expected to extend its own tariff programme against USA imports - an extension which puts it at a disadvantage, being responsible for exporting far more to the U.S. than it imports.

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