China Warns The U.S. Ruling Class of Retaliation Over Tariff Threats
Threats are not “the right way” to get along with China, the Commerce Ministry has said, in response to the United States’ warning that it would impose additional tariffs. Beijing’s rulers have made it clear that they won’t yield to Washington’s latest tariff threats, urging the U.S. to seek a negotiated settlement instead of escalating tensions.
“China’s position on the trade war is consistent: we do not want it, but we are not afraid of it,” the ministry stated. “Willful threats of high tariffs are not the right way to get along with China,” the Commerce Ministry said. “If the U.S. insists on going the wrong way, China will surely take resolute measures to protect its legitimate rights and interests,” it warned.
Tariffs Won’t Spawn Good Trade Deals
According to a report by RT, the warning came as part of an official statement released by China’s Ministry of Commerce on Sunday. The response followed U.S. President Donald Trump’s plan to impose a 100% tariff on Chinese imports. Trump said that Beijing’s new restrictions on rare earth exports, which are vital materials used in products from smartphones to fighter jets, are the reason for making more threats.
In August, the US and China agreed to prolong a tariff truce after a trade war in which both sides imposed ever-increasing duties. Under the 90-day extension, US tariffs on Chinese imports were reduced from 145% to 30%, while China’s tariffs on American products dropped from 125% to 10%. The extension is set to expire in November.
Both countries have accused each other of breaching the trade ceasefire by introducing new restrictions. Trump has accused China of “becoming very hostile,” claiming Beijing is “holding the world captive” by limiting access to rare earths. –RT
Trump Says 80% Tariffs On China Seem Right Ahead Of Weekend Trade Talks
Tariffs have been a cornerstone of Trump’s legacy. He seems to insist on increasing pressure on businesses and the individuals who make purchases. Consumers are already feeling the sting of inflation. What kind of additional financial stress could the tariffs cause? Let us know what you think in the comments!
This article has been contributed by SHTF Plan. Visit www.SHTFplan.com for alternative news, commentary and preparedness info.
Source: https://www.shtfplan.com/headline-news/china-warns-the-u-s-ruling-class-of-retaliation-over-tariff-threats
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