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China responded Friday by announcing that "there will be retaliation" to "defend their interests" after the price increase announced by US President Donald Trump, which ended a truce in the trade war between the two countries.
In a statement, the Chinese Ministry of Commerce accused the United States of seriously violating "the commitment" made by Trump and his Chinese counterpart Xi Jinping in June in an attempt to revive the negotiations.
Supporting this message, Chinese Foreign Ministry spokeswoman Hua Chunying He accused the Trump administration of "blackmail" and "intimidation" with this measure, to which he added that "China will not trade under pressure " and that "mutual respect" is necessary for the negotiations to succeed.
In a series of tweets, the US president, who has aspires to a second term, said Thursday that his administration would apply, from 1 September, "a small additional tariff of 10% to 300 000 million dollars"Chinese imports until here forgiven.
… during the talks, the United States will begin, on September 1, by applying a small additional tariff of 10% on the remaining $ 300 billion of goods and products from China entering our country. That does not include the $ 250 billion already priced at 25% …
– Donald J. Trump (@realDonaldTrump) August 1, 2019
The announcement of Trump provoked a Pump effect on the market: The stock market collapsed on Friday morning and oil lost nearly 8% Thursday in New York.
"That does not worry me at all," Trump told the press on Thursday about the impact on the markets. "I was waiting for it," he added.
He also said that Chinese President Xi Jinping wanted an agreement but said "it was not going fast enough".
Trump warned that could further increase tariff rates about Chinese products if Beijing did not accept US requirements. And mentioned the possibility of go "beyond 25%".
The trade war between the United States and China, triggered by Trump's aggressive protectionism since taking office in January 2017, has global implications and, in his latest global growth forecast, the International Monetary Fund (IMF) lowered its global expansion forecast to 3.2% This year, one tenth less than in April.
The US president wants the Chinese authorities to put an end to subsidies granted to public companies, technology transfers imposed on foreign companies or the "theft" of American intellectual property.
The head of the American diplomacy, Mike Pompeo, present in Bangkok, accused Beijing of "protectionism" and "predatory strategy".
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