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China didn’t start the trade war but will finish it

China has declared that if a trade war goes down between China and the United States, it won’t be at China’s volition or instigation, declaring that should it happen, it will be the fault of the Trump administration in Washington, D.C. The US has prepared a round of tariffs on Chinese imported goods worth some $34 billion to go into effect on July 6. At the same time, Beijing has prepared its response to the American action, and is set to respond with countermeasures of equal weight.

CGTN reports:

China will not fire the first shot in implementing tariffs on the United States, the Customs Tariff Commission of the China’s State Council announced on Wednesday.

“The Chinese government has reiterated its stance that it will not fire the first shot and will not preempt the United States’ move of imposing additional tariffs,” it said in a statement on the website of China’s Finance Ministry.

Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.

Earlier, Chinese Foreign Ministry spokesman Lu Kang said China was ready to act, though he did not confirm the start date for Chinese tariffs.

“China has already made preparations,” Lu told a daily news briefing.

“As long as the United States issues a so-called tariff list, China will take necessary measures to firmly protect its legitimate interests,” he added.

China’s yuan rose sharply against the dollar on Wednesday, a day after the central bank the People’s Bank of China assured markets it would keep the currency stable amid growing worries about trade friction, although stocks fell.

Since the day has come, and the American have chosen to move forward with their tariffs measures, they have started the largest trade conflict in recorded history. Headlines are likely to issue soon detailing Beijing’s response.

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JNDillard
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JNDillard

At least EU counter sanctions – I don’t know about the Chinese ones – are targeted at Trump’s political base. His inflationary, deficit-increasing, plutocrat pleasing tax cut is already being negated by higher oil prices, which his supporters will have to bear. When the EU and Chinese sanctions kick in his base is gonna squeal, then get pissed. Very unlikely Trump will be re-elected, regardless of his foreign policy successes. “It’s the economy, stupid.”

HappyCynic
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HappyCynic

Trump has a clear view of the end-game in this trade war. The side with the biggest trade deficit has the advantage in a trade war, and the US trade deficit with China is huge. Imagine the US puts 100% tariffs on all goods from China, and China puts 100% tariffs on all goods from the US. Who loses the most in this scenario? Obviously, China is the big loser in this case. China knows this full well, and is therefore trying to get the EU to agree to take more of their exports (but the EU declined). The only… Read more »

thomas malthaus
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thomas malthaus

In other news:http://www.foxnews.com/opin… It may be too bad. The Americans had a great deal of emotional investment, among other possibilities. The South Koreans are probably extremely saddened. President Moon Jae-in was probably looking forward to reuniting families as a top five goal. Mister Kim must have realized that a level of transparency regarding his nuclear program was essential for comity. No way to milk this one. I hope he realizes baby steps are taken on both sides to gain trust. Some of us dreamed for decades of vastly improved DPRK-ROK relations. At least South Koreans won’t be fooling themselves anymore.… Read more »

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