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China warns U.S. to stop 'wrong' trade actions or face consequences

Economy Aug 25, 2019 12:23AM ET
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© Reuters. FILE PHOTO: Illustration picture showing U.S. dollar and China's yuan banknotes

BEIJING (Reuters) - China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions".

The comments made by China's Ministry of Commerce came after the U.S. President Donald Trump announced on Friday that Washington will impose an additional 5% duty the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of U.S. goods, in the latest tit-for-tat moves in their bilateral trade dispute.

"Such unilateral and bullying trade protectionism and maximum pressure violates the consensus reached by head of China and United States, violates the principle of mutual respect and mutual benefit, and seriously damages the multilateral trade system and the normal international trade order," China's commerce ministry said in a statement on Saturday.

"China strongly urges the United States not to misjudge the situation or underestimate determination of the Chinese people," it added.

Trump's latest tariff move, announced on Twitter, said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning on Oct. 1, the 70th anniversary of the founding of the communist People's Republic of China.

At the same time, Trump announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting Sept. 1, but tariffs on about half of those goods have been delayed until Dec. 15.

Trump was responding to Beijing's decision on Friday night that it was planning to impose retaliatory tariff on $75 billion worth of U.S. imports ranging from soybean to ethanol. China will also reinstitute tariffs of 25% on cars and 5% on auto parts suspended last December.

The White House economic adviser said earlier in the week the Trump administration was planning in-person talks between U.S. and Chinese officials in September. It is unclear if the bilateral meeting would still take place.

The year-long trade war between the world's two largest economies has roiled financial markets and shaken the global economy.

China warns U.S. to stop 'wrong' trade actions or face consequences
 

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Comments (19)
Marec Huber
Marec Huber Aug 27, 2019 7:32AM ET
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Is China kidding !?!They claim trade tariffs violate mutual respect and benefit ! Hypocrites !Not all Americans fall for their silver tongued attempts to influence and deceive from the real truth.They have taken advantage of past trade.Now that Trump stipulates fair trade they wont accept it.Tuff.
Joseph Wll
Joseph Wll Aug 26, 2019 2:47PM ET
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I guess investors just don't get it. China is a Communist government who steals Billions of dollars of intellientual property from the US and it's the @POTUS fault. The real threat that no one is talking about is Americas $22T debt.
Dexter dexter
Dexter dexter Aug 25, 2019 10:16PM ET
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trade surplus or deficit is not the issue. this is just the only tool usa has that it can use to get china in line. problem is intellectual property and a court/judicial system to handle intellectual property infringement....right now they can steal and there is no way to stop them from doing so. at least that I know of.
Scott Davison
ScottyD76 Aug 25, 2019 3:48PM ET
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Astounding to hear how most responses regarding the trade dispute on this forum. The US suffers close to a 1 trillion dollar a year trade deficit that has been going on for decades. We finally have someone who's simply trying to do what is good for the US: make trade fair for the US with China, and also other countries. So uneducated, people can't even tell what is going on. It is mind boggling.
Mark Ukanela
Mark Ukanela Aug 25, 2019 3:48PM ET
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Are you willing to work at a factory 80 hours a week making iPads and iPhones for Apple at the same rate Apple pays people in China to do so? When you shop do you only buy locally made products in the US and pay top dollar for them or do you look for the cheapest item? Where were your bed sheets made? Where was your mattress made? Where were your pillows made? The cables you use for your computer and smartphones made in the US? Your kitchen utensils made in the US? Your socks,underwear,jeans,jeans and clothes all made in the US? Do you own any stocks? All stocks consist only of products and profits made only from being sold in America? What’s more mind boggling is the irony and hypocrisy in your post
Jason Daniels
Jason Daniels Aug 25, 2019 3:48PM ET
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You said it Scott. And Mark, I could debunk every point you just tried to make, but it’s not worth my time.
Will James
Will James Aug 25, 2019 3:48PM ET
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Do you understand a country cannot go on consuming products if it doesn't produce any itself? Do you understand how this came to be in the U.S.? Do you understand that buying U.S. products gives Americans jobs, that allow them to spend more money products made in the U.S.? Do you understand economics?
Zack Persie
Zack Persie Aug 25, 2019 12:24PM ET
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Trump is on the wrong path not just with China but allies as well. His reckless actions are isolating US from rest of the world rather than China. European leaders are already considering to move away from US dollars as trade currency. With deranged Trump as US president, no surprise other countries deem it very risky to depend on US dollar. Once that happens, USD will be practically worthless & US will surely collapse under its own enormous debt.
Andy Ryan
Andy Ryan Aug 25, 2019 12:24PM ET
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I dare to object your rationale - first The dollar is still the safest asset aside from Gold. second Trump is already crafting great trade deals like the one with Japan. many countries in Asia can replay trade lost with China. I appreciate all the hard work Mr. President
Dong Chang
Dong Chang Aug 25, 2019 3:07AM ET
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let the cold war begin, scenario including cut off all diplomatic tide, provide high tech equipments, sending all chineses visa students studying in US home, all chinese public trading companies suspended, freeze all assets and bank account own by chinese communist officials. well that's probably the worst scenario.
Tumelo Mash
Tumelo Mash Aug 25, 2019 2:43AM ET
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Ohh i remembered he needs this deal fast or no presidency in 2020... ******he is in a tight corner... Unlucky old man... Your friends you hired are stabbing you in the back(Powell)
Tumelo Mash
Tumelo Mash Aug 25, 2019 2:41AM ET
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No one will care what you did for the last 2 years and unemployment at record lows.. When you recession around the world and it impacts the US. Especially his farmer friends the are already disappointed in him... He should admit defeat and wait after election if he wins he goes for China again
Tumelo Mash
Tumelo Mash Aug 25, 2019 2:39AM ET
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Trump Is gonna have the worst 12 months of his life
Gabriel Evans
Gabriel Evans Aug 25, 2019 2:39AM ET
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Yes, the ******should resign
Ken Chao
Ken Chao Aug 24, 2019 11:54PM ET
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it won't really hurt chinese consumers as they can buy car from japan, korea, and agri products from south american countries, but tariff could hurt US business relying on china buyers, and eventually dampen stock markets
 
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