Sunday, 22 July 2018

China to fight US tariffs ‘at any cost’ after Trump threat

CHINA US TRADE

Photo: Bloomberg

BEIJING/NEW YORK: China yesterday said it would fight back “at any cost” with fresh measures to safeguard its interests if the US sticks to its protectionist actions, after US President Donald Trump threatened an extra US$100 billion of tariffs in a worsening trade dispute between the world’s two biggest economies.

Responding to Trump’s comments, the Chinese Ministry of Commerce reiterated in a statement that China was not afraid of a trade war, even though it did not seek one, and said the conflict had been provoked by the US.

“If the United States disregards the objections of China and the international community, and persists in unilateralism and trade protectionism, the Chinese side will follow through to the end, at any cost, and definitely fight back resolutely,” a spokesperson was quoted as saying in a statement posted on the ministry’s Web site.

The Chinese Ministry of Foreign Affairs issued an identical statement, which added that Beijing would continue to monitor tariff moves from the US.

Chinese state media had earlier yesterday criticized Trump’s threat of more trade action as “ridiculous” after the US president had directed trade officials to identify tariffs on US$100 billion more Chinese imports, escalating an already high-stakes trade dispute between the two nations.

“This latest intimidation reflects the deep arrogance of some American elites in their attitude towards China,” the state-run Global Times said in an editorial.

Oxford Economics Ltd said that a full-blown trade war would have damaging consequences.

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