Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

China won’t just play defence in trade war, Global Times warns

985358
985358
minus
plus

BEIJING: China will not be content to only play defence in an escalating trade war with the United States, a widely read Chinese tabloid warned, as President Donald Trump was expected to announce new tariffs on $200 billion in Chinese goods as early as Monday.


Beijing may also decline to participate in proposed trade talks with Washington later this month if the Trump administration goes ahead with the additional tariffs, the Wall Street Journal reported on Sunday, citing Chinese officials.


The Journal report quoted one senior Chinese advisory official saying China would not negotiate “with a gun pointed to its head.” The United States and China have already levied duties on $50 billion worth of each other’s goods in an intensifying row that has jolted global financial markets in the past few months.


Last week, the US Treasury Department invited senior Chinese officials, including Vice Premier Liu He for more talks on the tariff dispute, though scepticism remained high among trade observers on both sides over the prospects of a breakthrough.


A senior administration official said over the weekend that Trump is likely to announce the new tariffs as early as Monday.


“It is nothing new for the US to try to escalate tensions so as to exploit more gains at the negotiating table,” the Global Times, which is published by the ruling Communist Party’s People’s Daily, wrote in an editorial on Monday.


“We are looking forward to a more beautiful counter-attack and will keep increasing the pain felt by the US,” the Chinese-language column said.


Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to US manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee.


Lou is chairman of the National Council for Social Security Fund.


The person who attended the event and is familiar with the White House’s thinking said such a move would likely attract sharp retaliation from Washington, which has studied its own limits on exporting key technologies to China.


“Lou Jiwei’s approach would feed the most hawkish sentiments in the US government,” the person said, declining to be identified given the sensitivity of the matter.


China has said it would retaliate to trade war escalation with tariffs of its own as well as qualitative measures, which it has not specified but are perceived within the US business community as likely to include increased customs and regulatory scrutiny.


Trump has demanded that China cut its $375 billion trade surplus with the US, end policies aimed at acquiring US technologies and intellectual property, and roll back high-tech industrial subsidies. — Reuters


SHARE ARTICLE
arrow up
home icon