"Extortion": China's Approach to Counter Trump's 50% Tariff Threat
"Extortion": China's Approach to Counter Trump's 50% Tariff Threat
"Extortion": China's Approach to Counter Trump's 50% Tariff Threat
"Extortion": China's Approach to Counter Trump's 50% Tariff Threat
"Extortion": China's Approach to Counter Trump's 50% Tariff Threat
Beijing's resistance is rooted in the decision of the Chinese government to present itself as an adversary to what it perceives as "unilateral intimidation" from the United States.
"It’s extortion." This is how China labeled President Donald Trump's recent warning to implement an additional 50 percent tariff on its products, while asserting its determination to resist the fees "to the end." The American president has granted Beijing a 24-hour ultimatum to retract the reciprocal 34 percent tariff it imposed on U.S. goods the previous week.
If both parties remain steadfast and Trump follows through with his intentions, the overall new tariffs on Chinese imports entering the United States could reach up to 104 percent this year, intensifying a trade conflict that has already led to significant market declines since the onset of the pandemic.
"The U.S. threat to increase tariffs against China represents yet another blunder, which reveals the U.S.'s extortionate behavior," stated China's commerce ministry on Tuesday.
"Should the U.S. persist in its demands, China will resist fully."
The ministry emphasized its willingness to engage in "discussions" with the U.S. and remarked that "there are no victors in a trade conflict."
China's Tactics
Beijing's resistance is based on the choice of the Chinese government to establish itself as a counterforce against what it describes as "unilateral intimidation" from the United States. Over the recent weekend, Beijing sent a strong signal to the global community, indicating its readiness to withstand a trade conflict.
"U.S. tariffs will have an effect (on China), but 'the sky won't fall,'" the ruling Chinese Communist Party asserted in a commentary published in its official newspaper, People's Daily, on Sunday.
"Since the U.S. initiated the first trade conflict in 2017 - regardless of how the U.S. acts or pressures - we have continued to grow and advance, showcasing resilience; 'the more pressure we receive, the stronger we become,'" the statement continued.
U.S.-China Trade Conflict
On Tuesday, Trump announced that he would implement the additional 50 percent tariff on imports from China if Beijing did not retract the 34 percent tariffs it had recently placed on U.S. products.
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