Economy

'Mobster mentality': China's state media calls out US over trade tariffs

'Mobster mentality': China's state media calls out US over trade tariffs

The growing trade conflict is causing rifts within China's Communist Party, with some critics saying that an overly nationalistic Chinese stance may have hardened the USA position, sources close to the government have said.

New tariffsThe Trump administration announced it will hit China with a 25% tariff on an additional $16 billion of goods on August 23. The yuan has declined by 8 percent this year against the dollar and by about 4 percent against a basket of global currencies.

"Chinese gas demand forecasts are underpinning a raft of proposed LNG export terminals along America's East Coast, which align with the Trump administration's bid to turn the USA into an energy superpower".

LNG is among 5207 USA commodity items now being hit with an additional tariff, according to a statement issued by China's State Council Customs Tariff Commission last Friday.

The tariffs would be implemented depending on US action which is expected in September.

The US announced earlier this week that its own tariffs on $16bn of Chinese goods would start that day.

"One of these puts the blame on China, saying that "China's strategy is too confident and high-profile, incurring a one-two punch from the United States", it said. Beijing's retaliatory move was a "necessary response" to "safeguard its legitimate interests", the ministry said on its website.

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For U.S. government officials, the imposition of additional tariffs is not only aimed at restraining China's development and achieving the "America First" goal, but is driven by other considerations. Longer term contract negotiations could also be affected. The US government is using tariffs as a big stick, which is injurious not only to the country itself, but also the people, for whose wellbeing they claimed to be working. Chinese imports of goods and services into the United States previous year amounted to almost $524 billion. So China may stall, while Trump tries to punch harder.

While Trump is claiming the U.S. is "winning" the trade war because of growing problems in the Chinese economy, the prospect of a significant downturn is striking fear among many countries in South East Asia that are dependent on Chinese markets.

To meet rising demand, PetroChina is in advanced discussions with top exporter Qatar to purchase LNG under short- and long-term agreements, sources said this week.

According to a Wall Street Journal article, if the tariff threat is carried through the South Korean parliament will not ratify the US-Korea trade deal announced earlier this year.

China's quota system allows 34 imported movies a year to be shown in theatres, while overseas producers get a 25 percent share of box office takings, less than in other worldwide markets. It stated that the US-China conflict could reduce world output by 0.7 percent by 2020, with China's economy slowing by 1.3 percent and the US by 1 percent. "The major concern right now in trade is China", Hogan said.

Google is blocking the World Socialist Web Site from search results.


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