China won't accept US trade 'blackmail' - state media

Roman Schwartz
August 6, 2018

USA president Donald Trump on Saturday defended his controversial use of tariffs against China and other countries, saying the trade measures are "working far better than anyone ever anticipated".

The news came Friday out of China's commerce ministry that the country will be imposing $60 billion in retaliatory tariffs on news that the United States plans to raise the rate for $200 billion in proposed tariffs on China, from 10 percent to 25 percent.

China immediately vowed to retaliate, though at the same time urged the USA to act rationally and return to talks to resolve the dispute.

The spat began in April with the Trump administration imposing tariffs on steel and aluminium imports into the U.S. from China, which also retaliated by imposing additional tariffs worth about Dollars three billion on 128 USA products. Washington is expected to soon implement more tariffs on $16 billion in additional Chinese goods, which China has already announced it will match immediately.

Foreign ministry spokesman Geng Shuang told media that "the Chinese side calls on the United States to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

"Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people".

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Among US products targeted were a wide range of agricultural and energy products such as beef and LNG.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

Yet while the Chinese public and private sectors invest in one another based on the principles of the cyclically prosperous market socialist model, the USA is now being forced to subsidise (aka pay) its own farmers whose industry has been partly stagnated during the early stages of the trade war on China. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis".

Noticeably absent from the latest list is polysilicon, the main ingredient in solar cells, which the United States does export to China. The rise in per centage terms was the biggest since November 2016. While census data shows that the... That means the annual deficit would likely surpass last year's $552 billion total trade gap and hit the highest level since 2008.

China ran a $375 billion goods trade surplus with the United States in 2017, which Trump has said is unacceptable. The United States slapped duties on $34 billion worth of Chinese goods, provoking a similar response from China.

Most economists predict the uptick in the trade gap will increase over the rest of the year, Marketwatch reports.

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