Beijing: China on Monday accused the US of economic intimidation as President Donald Trump’s latest round of tariffs on USD 200 billion of Chinese imports came into effect, escalating the trade war between the two top economies of the world.
Trump accuses China of indulging in unfair trade practices and has been demanding that Beijing should drastically reduce over USD 335.4 billion deficit in bilateral trade. Trump had announced on September 18 that the US will start charging 10 per cent tariffs on USD 200 billion worth of Chinese products from September 24. These tariffs will then rise to 25 per cent on January 1.
In retaliation, China has decided to levy tariffs on about USD 60 billion worth imports from the US on list of 5,207 American goods from honey to industrial chemicals. A white paper published by China’s Cabinet clarified China’s stand on the China-US economic and trade tensions was released on Monday. It blamed Trump’s America first policy for the intensifying trade war and stated that the American leader has abandoned the fundamental norms of mutual respect that guide the international relations.
“Trump has trumpeted “America First” policy since taking office in 2017, abandoning the fundamental norms of mutual respect and equal consultation that guide international relations, the white paper said. “Rather, it has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure,” the white paper said.
The white paper stressed that China has responded from the perspective of the common interests of both parties as well as the world trade order, observing the principle of resolving disputes through dialogue and consultation, and answering the US concerns with the greatest level of patience and good faith.
The Chinese side has been dealing with these differences with an attitude of seeking common ground while shelving divergence, said the white paper. “It has overcome many difficulties and made enormous efforts to stabilise China-US economic and trade relations by holding rounds of discussions with the US side and proposing practical solutions,” it said.
