Washington’s escalating trade war with Beijing has not “made America great again” and has instead damaged the American economy, China said Sunday, warning that while…
Washington’s escalating trade war with Beijing has not “made America great again” and has instead damaged the American economy, China said Sunday, warning that while it wants resolution through talks there will be no compromise on core principles.
Beijing’s broadside is the latest act in a bruising conflict between the world’s top two economies that has spooked markets and sparked fears about the global economy.
With trade talks stalled, the dispute has intensified in recent weeks with US President Donald Trump imposing fresh tariffs on imports from China and moving to blacklist Chinese tech titan Huawei over national security concerns.
“The (US) tariff measures have not boosted American economic growth. Instead, they have done serious harm to the US economy,” the Chinese government said in a white paper, pointing to what it described as increased production costs and consumer prices in the United States and threats to economic growth.
“The trade war has not ‘made America great again’,” it said, referring to Trump’s political slogan made famous during his 2016 presidential campaign.
The white paper’s release came a day after China hit $60 billion worth of US goods with new punitive tariffs ranging from five to 25 percent, in retaliation for Washington raising duty on $200 billion in Chinese goods to 25 percent.
