China prepared for long trade fight with the US - party journal




China prepared for long trade fight with the US - party journal
China prepared for long trade fight with the US - party journal  

SHANGHAI, June 16 (Reuters) - The United States has underestimated the Chinese people's will to fight a trade war and Beijing is prepared for a long economic battle, an influential Chinese Communist Party journal said on Sunday.

China would not give way on major principles in its negotiations with the United States on ending the dispute, the commentary in the ideological journal Qiushi, or Seeking Truth, said.

The editorial represented "a further mobilisation of Chinese society" in the struggle against U.S. trade pressure, wrote Hu Xijin, editor-in-chief of the state-run Global Times newspaper, in a tweet.

"China will not be afraid of any threats or pressure the United States is making that may escalate economic and trade frictions. China has no choice, nor escape route, and will just have to fight it out till the end," the commentary said.

"No one, no force should underestimate and belittle the steel will of the Chinese people and its strength and tenacity to fight a war."

The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing and alleging that the Chinese have engaged in intellectual property theft over many years, which China denies.

But tensions rose sharply in May after the Trump administration accused China of reneging on promises it had made during months of talks.

The commentary also accused the United States of trying to hamper Chinese technological innovation.

"We must keep the initiative of innovation and development firmly in our hands, increase investment and research in key, core technology areas, pool together more high-value talents, enhance innovation and get rid of the core technology plight," it said.

U.S. President Donald Trump's top economic advisor, Larry Kudlow, said on Thursday the economic burden of a trade war would shift to China.

Qiushi said U.S. consumers and businesses had reaped huge benefits from trade with China and warned that trade frictions would inevitably have a serious negative impact on the U.S. economy.

"In an era of economic globalisation, trade protectionism is poison, not panacea," the article said, adding that higher tariffs would increase manufacturing costs for U.S. businesses and push up U.S. consumer inflation.

"As a result of the trade frictions, only a very few Americans will benefit, but the majority of Americans will suffer."

The U.S. Trade Representative's Office on Monday will kick off seven days of testimony from U.S. retailers, manufacturers and other businesses about Trump's plan to hit another $300 billion worth of Chinese goods with tariffs. (Reporting by Brenda Goh and Samuel Shen; Additional Reporting by Ben Blanchard in Beijing; Editing by Stephen Coates)

COMMENTS

More Related News

China Hints at Trade Talks Restart After Making
China Hints at Trade Talks Restart After Making 'Goodwill' Moves

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Face-to-face negotiations between the top Chinese and U.S. trade negotiators could happen soon, according to Chinese state media, after a number of goodwill gestures by Beijing over the weekend.Chinese

Most Asian markets fall as traders consider Fed rate cut
Most Asian markets fall as traders consider Fed rate cut

Most Asian markets fell in early trade Monday on dimming hopes for a deep interest rate cut by the Federal Reserve, but all the firms on a new tech-focused board in China rallied on its opening day. Oil prices extended last week's gains after Iran seized a British tanker in the Gulf, fuelling fresh concerns about supplies and a possible conflict in the tinderbox Middle East. Traders took a step back after last week's gains as the New York Federal Reserve tempered comments from its president John Williams who had suggested the central bank would cut borrowing costs by 50 basis points at its policy meeting this month.

Millions of Barrels of Iranian Oil Are Piled Up in China
Millions of Barrels of Iranian Oil Are Piled Up in China's Ports

(Bloomberg) -- Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world's biggest buyer.Two and a half months after the White House banned the purchase of Iran's oil, the nation's crude is continuing

Apollo 11 mission, Baseball Hall of Fame, Marvel hits Comic-Con: 5 things to know this weekend
Apollo 11 mission, Baseball Hall of Fame, Marvel hits Comic-Con: 5 things to know this weekend

Looking back at Apollo 11, Baseball Hall of Fame introduces its new members and more things to get your weekend started right.

Trump renews attacks on Democratic congresswoman Omar
Trump renews attacks on Democratic congresswoman Omar
  • US
  • 2019-07-19 18:40:58Z

Somali-born U.S. congresswoman Ilhan Omar is "lucky to be where she is," President Donald Trump said on Friday, pressing on with attacks on four minority women Democratic U.S. representatives he has said should "go back" to where they came from. Trump on Thursday sought to distance himself from supporters' chants of "send her back" at a rally where he blasted Omar, as his fellow Republicans worried the sharp rhetoric might become a theme of his 2020 re-election campaign. "I'm unhappy when a congresswoman goes and says: 'I'm going to be the president's nightmare,'" Trump told reporter at the White House on Friday.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.