With firm will and plentiful methods, China will resolutely take countermeasures and fight till the end if the United States insists on more escalating financial and trade restrictive steps, Chinas Ministry of Commerce said Wednesday.
I wish to highlight that there is no winner in a trade war, and China does not desire a trade war, however the Chinese government will by no ways sit by when the genuine rights of its people are being harmed and deprived, said an authorities with the ministry.The official made the remarks when responding to media questions relating to a white paper launched Wednesday by the State Council Information Office on Chinas position on some concerns concerning China-United States financial and trade relations.Noting that the successes of China and the United States are opportunities rather than threats for each other, the official stated that China hopes the United States will right away remove its unilateral imposition of tariffs, and deal with China to enhance dialogue, handle differences, and promote cooperation.China wants to communicate with the United States side on essential bilateral financial and trade concerns, resolve their particular concerns through discussion and assessments on an equal footing, and collectively advance the consistent, healthy and sustainable development of China-United States financial and trade relations, the official noted.The official said that it is a normal act of unilateralism, protectionism and financial bullying for the United States to take tariffs as a weapon of putting in optimal pressure and pursuing self-interest.
Under the guise of pursuing reciprocity and fairness, the United States is participating in zero-sum video games and, in essence, looking for America First and American exceptionalism, the official said.The United States side is exploiting tariffs to overturn the current worldwide economic and trade order, focusing on United States interests above the global common excellent, and compromising the genuine interests of nations worldwide to serve its own hegemonic program, according to the official.Noting that the United States is also intentionally severing the well-established global commercial and supply chains and breaking the market-oriented free trade rules, the authorities said these practices seriously interrupt the economic advancement of nations around the globe and impact the long-term steady development of the world economy.
It is well proven by history and realities that by raising tariffs, the United States will not solve its own issues, the official said, keeping in mind that instead, it would lead to extreme changes in the monetary market, increase the United States inflationary pressure, compromise its commercial foundation, and increase its danger of financial recession, and eventually, backfire.As the worlds biggest establishing and established countries respectively, China and the United States are highly complementary in the fields of natural endowment, human resources, market, capital, and innovation, to name a few, and can attain shared benefit and win-win results, the official said.The white paper came as rising unilateralism and protectionism in the United States have considerably impeded regular economic and trade cooperation in between the two countries.Since the beginning of trade friction in 2018, the United States side has enforced tariffs on Chinese exports worth more than $500 billion, and has actually continuously implemented policies aimed at including and reducing China.
Just recently, the United States imposed comprehensive extra tariffs on Chinese products, including tariffs mentioning the fentanyl concern as the pretext, mutual tariffs, and an extra 50 percent on existing tariffs.These steps exposing the isolationist and coercive nature of United States perform run counter to the concepts of the marketplace economy and multilateralism, and will have major effects for China-United States financial and trade relations, the white paper stated.In this context, the Chinese federal government issued the file to clarify the realities surrounding China-United States economic and trade relations, systematically outline its policy position on related issues, expose the harm triggered by unilateralism and protectionism to bilateral economic and trade ties, and show its firm resolve to safeguard national interests and uphold the multilateral trading system, the main added.The Chinese side has actually constantly preserved that China-United States economic and trade relations are mutually helpful and win-win in nature, the white paper noted.As two significant nations at different phases of development with distinct economic systems, it is natural for China and the United States to have differences and frictions in their financial and trade cooperation, according to the document.In recent years, the United States trade deficit has increased worldwide, while the proportion attributable to China has decreased.
Truths reveal that raising tariffs on China has actually not prospered in narrowing the United States trade deficit.
Instead, it has actually raised import costs and more broadened the deficit, the main said.The trade balance in goods in between China and the United States is both an inescapable result of the structural issues in the United States economy and a repercussion of the relative advantages and worldwide department of labor in between the 2 nations, the main added.The official said that China will continue to tap the capacity in import and transform its huge market into an international marketplace shared by the world, thus injecting new momentum into global economic growth.Read more: China issues white paper detailing position on financial ties with United States