"China will suffer badly": Donald Trump raises the tone in trade war

"China will suffer badly": Donald Trump raises the tone in trade war

US President Donald Trump advised China on Monday not to" retaliate "against US tariffs, predicting that an escalation in the trade war between Beijing and Washington"would only make things worse."

"China has profited from the US for so many years that they have a big lead (our presidents have not done the work). So China should not retaliate - it would only make things worse," he tweeted, as the US tariff increase on nearly all imports from China begins on Monday.

..There will be nobody left in China to do business with. Very bad for China, very good for USA!!! Purpose China has taken so advantage of the U. S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
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This decision was made Friday night by the Republican president to maintain pressure on China, while trade negotiations between the world's two largest economic powers should continue.

"China will suffer badly if (it) does not conclude an agreement because companies will be forced to leave China for other countries. Too expensive to buy in China, " also threatened Donald Trump Monday morning.

"You had a great deal, almost done, and you backed off!", he added.

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Donald Trump's US administration is demanding a reduction in its huge trade deficit with China ($378 billion in 2018), "structural changes" such as the end of forced technology transfer, protection of US intellectual property, and the end of Chinese subsidies to state-owned enterprises.

"You can also avoid tariffs (...) if you buy products in the United States (the best idea)", also recalled the American president, who constantly praises American protectionist measures.

China responds to Trump: trade war escalates

Trade war escalates Beijing-Washington: China announced on Monday that it will increase its tariffs on U.S. products worth $ 60 billion in annual imports, in retaliation for Donald Trump's actions.

From June 1st, tariffs will be raised to 10 %, 20 %, or up to 25 % on a set of U.S. goods already taxed, announced the Bureau of the Tariff Commission of the government,an announcement further pushing stock exchanges.

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New negotiations to end the bilateral trade war ended last week in Washington without agreement. China and the United States, however, called for further discussions.

"We are working on dates" for new negotiations that should take place in Beijing, said on Monday U.S. Treasury Secretary Steven Mnuchin of Washington. "Nothing is confirmed yet," he added.
Trump's minister, however, refused to comment on the Chinese retaliation announced on Monday.

The United States had increased on Friday from 10% to 25% punitive customs duties on Chinese goods representing 200 billion dollars worth of imports annually. A procedure to increase tariffs on almost all chinese products were to be launched on Monday. A decision by Donald Trump to keep the pressure on China.

"The adjustment of our tariffs is a response to US trade unilateralism and protectionism," said Beijing Monday in its statement.
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"China hopes that the United States will return to the right track of bilateral economic and trade consultations."

The Chinese government had already promised several times in recent days that it would take "necessary retaliatory measures". However, the 1 June deadline, which is almost three weeks away, seems to indicate that Beijing wants to give the two countries time to reach a possible agreement.

Beijing referred to ?

Eyes are now on Donald Trump, who was particularly threatening on Monday shortly before the lifting of tariffs decided by Beijing: "China should not retaliate -- it would only make things worse !", had tweeted the American president.

In vain. "China will never yield to any external pressure. We have the determination and the ability to defend our legitimate rights and interests", stressed on Monday Geng Shuang, a spokesman of the Ministry of foreign affairs.
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"We have said it many times: the addition of customs duties does not solve any problems," he said at a regular press conference.

Before the punitive measures announced Monday by Beijing, almost all U.S. goods imported into China were already overtaxed by Beijing -- or $ 110 billion out of an annual total of $ 120.34 billion (in 2018).
China could also stop buying agricultural products and reduce its orders for Boeing aircraft, Hu Xijin, the influential editor of the Global Times, a newspaper reputed to be close to the government, told Twitter user.
In an editorial posted on Monday night, the nationalist-sounding newspaper claims that Beijing "will certainly take further retaliatory measures".

"Shoot bullets"

"With its customs policy, the United States seems to be firing bullets in all directions," the newspaper opines. "They will do a lot of damage to themselves, and it will be difficult to sustain in the long run. China, on the other hand, will aim precisely, trying to avoid getting hurt."

Moreover, China has denounced the"unilateral and protectionist" trade policies of the United States, which, in its view, provoke an existential crisis" of the World Trade Organization (WTO).
In a document posted on the WTO website, it called for institutional reform so that it could withstand pressure from Washington.

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The Chinese negotiator, Deputy Prime Minister Liu He, said on Friday that talks with the United States would continue in Beijing, without an advance date.

The Trump administration is still demanding a reduction in the huge US trade deficit with China (more than $ 378 billion in 2018), "structural changes" such as the end of forced technology transfers, the protection of US intellectual property, and the end of Chinese subsidies to state-owned enterprises.

The New York Stock Exchange was hit hard on Monday by renewed trade tensions. In the early afternoon, the Star index, the Dow Jones Industrial Average, fell 2.49%, to 25.296, 41 points.

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