China's Wang says response to USA trade measures 'justified'

China's Wang says response to USA trade measures 'justified'

China's Wang says response to USA trade measures 'justified'

PRESIDENT Donald Trump defended his use of tariffs that have inflamed tensions with China and Europe, telling an audience of diehard supporters on Saturday that playing hardball on trade is "my thing".

President Donald Trump tweeted Sunday morning that his tariffs are "working big time" and made a freaky claim that the money raised from these new import taxes will go a long way to helping pay down America's large debt.

China has already filed a complaint with the World Trade Organization about the USA proposal for tariffs on $200 billion worth of goods.

Signalling the nation's readiness to respond to higher tariffs threatened by Donald Trump on $200bn of Chinese imports, officials in Beijing said countermeasures were ready and waiting for the next move from Washington. Neither side is showing any sign of backing down.

Since January of this year, the total equities in China's stock market have tumbled by over $2 trillion, and most of the loss is due to the intensifying trade and tariff disputes with the USA started by President Donald Trump.

And he said this approach has paid huge dividends, reviving the American steel industry and bringing manufacturing jobs to the U.S.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against U.S. tariffs.

He also accused China of financing advertisements to convince Americans to stop his trade agenda.

"China's countermeasures are rational", the Global Times, a tabloid run by the official People's Daily, said in a commentary.

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We had gone far toward creating a Trans-Pacific Partnership before Trump pulled out of it, and the other countries in those talks are moving forward without us.

The Chinese government did not specify what types of American products would be affected or when those tariffs would take effect.

The US tariffs now in place or threatened add up to nearly half of the value of goods it imported from China previous year.

Likewise, another of Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminum and a variety of products being shipped from China. Canada, Mexico and the European Union have responded to United States taxes on steel and aluminum with retaliatory tariffs. "We win either way". Not actual tariffs, in other words, but to get Trump to retract his threat to perhaps introduce them.

The spat began in April with the Trump administration imposing tariffs on steel and aluminium imports into the USA from China, which also retaliated by imposing additional tariffs worth about United States dollars three billion on 128 U.S. products.

Economists have warned that the tit-for-tat import duties, which have unsettled the USA stock market, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth.

China has now imposed or proposed tariffs on £85bn ($110bn) in U.S. goods. That's something that was going to happen anyway, with or without any agreement with Trump - and with or without his tariffs and tariff threats.

The White House is now negotiating with South Korea and the European Union regarding trade agreements for soy beans, energy products, steel and aluminum.

In addition to Beijing's top-down control, the recent diversification of China's economy and its exports makes the country better positioned to endure a trade war now than it could have in the past, NPR's Jim Zarroli reports.

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