China launched countermeasures against the United States’ trade war attacks yesterday, with the Chinese People’s Daily saying that Beijing ‘will never waver in its stand on countering any provocations by the US side.’
The paper warned that America will not win the trade war because of the plight faced by US farmers and businesses.
The Chinese finance ministry announced last Friday that it would place additional tariffs of 5% or 10% on US imports worth $75 billion starting September 1 and December 15.
The new tariffs will target 5,078 products, including American soybeans, coffee, seafood and crude oil.
The ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts of 25% for vehicles and 5% for parts, taking effect on December 15.
Beijing warned last week that it would take countermeasures after Washington announced it would impose 10% tariffs on Chinese imports worth $300 billion.
China’s retaliatory move was met with Trump’s angry reaction, threatening to sever business ties, which sent stocks tumbling.
US media and businesses voiced opposition to Trump’s measures, saying his moves would lead to an escalation of trade friction which would further harm the US, and even the global economy.
The Washington Post published an article saying the White House has no right to force American companies to pull out of China.
The New York Times’ editorial board called the move alarming, and said empty threats and higher tariffs will make things worse.
The American Farmers Association released an announcement on Saturday, saying constant retaliation will only increase the difficulties faced by farm and ranching families, and lead the situation in the wrong direction.
US farmers growing soybeans have been worst hit, losing business due to the trade war with China.