Published: Mon, August 06, 2018
Economy | By Shawn Conner

China won't accept U.S. trade 'blackmail' - state media

China won't accept U.S. trade 'blackmail' - state media

Beijing said it has been, quote, "forced to act" after the Trump administration on Wednesday announced it was considering raising its proposed tariffs on 200-billion dollars worth of Chinese imports from 10 to 25 percent.

The United States accuses China of using predatory tactics to obtain usa technology, including outright cybertheft and forcing American companies to hand over trade secrets in exchange for access to the Chinese market. "China is increasingly isolated with a weak economy", he said. A 25% tariff would boost the cost of a range of USA imports at a time when inflation has begun to pick up.

The government announced it has prepared a list of $60 billion worth of USA goods to hit with duties should the us follow through on a plan to impose duties on an additional $200 billion of Chinese goods, as early as next month. So far, Trump's tactics - his tariffs on washing machines, solar panels, steel and aluminum, and Chinese imports - have yielded nearly no such reform. China said at the time blackmail would not work and that it would hit back.

Nor will advanced economies like Japan and Europe be immune from having to devalue, as they try to offset Trump tariffs in order to maintain their share of global trade that Trump policies are clearly attacking. China continues to move forward while for USA farmers, the trade war has represented a major step backwards.

Then there is what China says and on Thursday, Beijing urged the United States to "calm down" and return to reason after news that Trump may hike the tariffs from 10% to 25%.

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The market is not large by value compared with approximately $12 billion of US crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal as part of its battle against smog.

The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.

The WSJ also cites "industry officials who have discussed the move with the White House" and who said that another, perhaps far more important reason for the tariff increase "is to compensate for the decline in the value of the yuan by about 6% over the past two months". In exchange, Juncker offered to buy more USA soybeans and U.S. natural gas at some point in the future.

June 18: China said it would retaliate with equivalent tariffs on American products.

But Secretary of State Mike Pompeo remained steadfast on Washington's push for fairer trading conditions.

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The South China Morning Post reported last week that officials from Beijing and Washington had held unofficial talks, but a deep and mutual distrust continued to hamper efforts to de-escalate the conflict.

China sells goods each year to the United States worth almost four times as much as it buys.

U.S. President Donald Trump has said he is determined to reduce the large U.S. trade deficit with China.

The US trade deficit - the gap between exports and imports - widened by 7.3% to $46.3bn in June. The White House initially announced tariffs - 25 percent on steel and 10 percent on aluminum - arguing they would protect USA companies and allow for the creation of new manufacturing plants - key Trump promises in the 2016 presidential campaign.

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