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China will follow up on reprisal measures announced on Friday and lead the end of the trade war, while the US has not kept its promises, the People's Daily wrote in an editorial released Saturday.
Later, influential Chinese journalist Hu Xijin said on Twitter that the United States "was starting to lose China."
Beijing unveiled on Friday its intention to impose additional tariffs on $ 75 billion worth of US goods, including soybeans, automobiles and oil. According to the newspaper, the nation will "hold the floor" in the implementation of its third cycle of retaliatory measures.
China has been forced to take countermeasures by US unilateralism and trade protectionism, the paper said, adding that Washington has imposed improper tariffs by imposing tariffs on China and has shown "amnesia" in keeping with his promises.
Trade tensions between the two countries worsened on Friday after President Donald Trump announced that he would increase tariffs on Chinese imports in response to measures announced by Beijing. The anticipation of Trump's shares, announced by a series of angry tweets, has shaken the global stock markets.
Rates increase
Current US tariffs on $ 250 billion of Chinese imports will increase from 25% on October 1 to 30%, while the projected 10% tariff on the additional $ 300 billion of Chinese products will increase to 15%, from the first installment of September. 1, said Trump in tweets on Friday.
The Chinese Ministry of Commerce issued a very strong statement on Saturday stating that the United States was involved in "unilateral and intimidating trade protectionism" that endangered the normal international trading order.
Trump, for his part, hinted in an overnight tweet that he was reviewing the "1977 Emergency Economic Powers Act" by ordering US companies to leave China. "Case closed!" Concludes Trump.
This measure – technically, the Urgent International Economic Powers Act – gives American presidents wide latitude to regulate international trade in the event of a national crisis. It is unclear how Trump could use the law in the current situation for US companies to comply with his wishes.
Hu, the editor of the Global Times, a tabloid controlled by the ruling Communist Party, accurately predicted China's retaliatory tariff schedule on Friday.
Saturday, he said that China "had already" lost "the United States," citing high tariffs, ban the telecommunications company Huawei Technologies Co. Ltd., political hostility and the actions in favor of Hong Kong and Taiwan. "We are facing a completely different United States. We have nothing left to lose, while the United States is just starting to lose China, "said Xu.
Although the Global Times does not necessarily reflect the views of Chinese leaders, Hu said the newspaper expressed opinions that official sources could not.
Earlier, Hu had tweeted that if American manufacturers heard Trump's call on "big American companies" on Friday to desert China, they would give up the market to Japanese and German brands. "Go back to the United States, let every American family have 20 cars," he tweeted, followed by a smiling face.
US importers and retailers have decried Trump's latest initiatives.
"This rate increase is the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 – a decision that catapulted our country into the Great Depression," said Gary Shapiro, president and CEO of the Consumer Technology Association, in a statement. .
(Updates with China's Ministry of Commerce, CTA Commentary to Seventh Paragraph.)
To contact Bloomberg News staff for this story: Evelyn Yu in Shanghai at [email protected]
To contact the makers of this story: Sam Mamudi at [email protected], Ros Krasny, Steve Geimann
For more articles like this, go to bloomberg.com
© 2019 Bloomberg L.P.
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