US global naked economic terrorism

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Global financial markets are facing a stark wake-up call that they need to unite to stand against acts of what can only be described as economic terrorism by a country which unilaterally imposes its will on others and pursues its own goals at the cost of the interests of others.

More than a year after US President Donald Trump fired the first tariff salvo at China, he is extending the battlefield around the world. On Friday, his administration announced that it will end special trade treatment for India, removing a status that exempts billions of dollars of the South Asian country's products from US tariffs. Trump is seriously mulling slapping tariffs on Mexican imports as he believes the country has taken advantage of the US for decades.

Even close allies cannot trust they will be exempt from Trump's tariff addiction. It was reported that the administration considered imposing tariffs on imports from Australia, but eventually decided against the move amid opposition from his aides, "at least temporarily."

Obviously, Trump, a businessman-turned president, is aiming his trigger finger regardless of the targets, be they US competitors or allies. Trump grumbles about his country subsidizing the world and weakening US industry and pledges to make America great again. But he doesn't realize that a great superpower is supposed to provide public goods rather than resorting to coercion for selfish gains. His tactics are nothing short of economic terrorism.

The International Air Transport Association has estimated that the US-China trade war and high fuel prices will wipe $7.5 billion off expected airline profits in 2019. This is just the figure from the airline industry, which is enough to show the disastrous impact the US-initiated economic terrorism has on the globe. Trump may disrupt the global supply chain with the US' economic clout, but how can a disrupted global supply chain serve the US' strategic objectives of being a great country?

What is worse, before the US becomes great again as the president wishes, he is actually employing the strategy of blocking other countries to take the lead, as we see in his actions in quashing Huawei's 5G advancement.

Later this month, leaders from the world's top economies will meet at the G20 summit in Osaka, Japan to discuss key economic issues that plague the world. The conventional views of globalization and its benefits are still shared by most countries, and many countries and regions are continuing to open their economies. They should unite to face the chaos created by the Trump administration and find a way forward, so the process of globalization will not be held hostage by the US' economic terrorism. - By Zhang Yi


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China says US trade provocations are 'naked economic terrorism

• Trump's new tariffs on Mexico "wakeup call" to global markets, says US neconomist
• White House official defends Trump's tariffs on Mexico despite wide-ranging criticism
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The US will raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports effective Friday, according to a notice posted to the Federal Register.

The announcement was made at 8:45 pm on May 8 (Beijing time). At 11:23 pm, the Chinese Minister of Commerce said that China will have to take necessary countermeasures if the US goes ahead with its plan to increase tariffs on Chinese imports. Although China's announcement was made in a calm and peaceful manner, it has shown the country's unswerving resolution to defend its own interests.

Washington has lit the fuse on escalating China-US trade tensions. Beijing had announced it would send a delegation for the May 9 consultations before Washington's May 8 announcement. At this critical time, Washington's imprudent move is clearly an extreme means of sending an alarming message to China. Washington must have expected the Chinese delegation would rush to the US and seize every opportunity to reverse the situation. Instead, the Chinese delegation decided to fly to the US one day later than originally planned. This is the way Chinese express their will and determination.

The 11th round of China-US trade talks in Washington on May 9 looks like a "Banquet at Hongmen." On the one hand, Washington is lighting a fuse on escalating trade tensions; and on the other they still want to continue negotiating with the Chinese delegation. By doing so, they have set a new precedent in the history of trade talks.

Many people may ask: Under such circumstances, why is Beijing still sending the delegation to Washington? In fact, it's really Washington that should be answering the question: Under such circumstances, why is the Chinese delegation invited to Washington for more trade talks?

The answer is simple. Both China and the US want to finalize a trade deal. Obviously, there are some issues that are difficult to overcome for both sides. It seems that both are now mentally prepared for a transition from truce talks to the mode of "fighting and talking" at the same time.

It is a great pity that after meeting halfway on most of their differences, China and the US have not been able to reach consensus on the last few core issues. Those issues are not supposed to come up as they specifically reflect the unreasonable demands by the US. Their emergence is rooted in the misguided perception that the US is privileged by its strength. That misconception has also motivated the latest unexpected tariff rise announced by Washington.

China has turned down the US demands at the final stage of negotiation. It was not only encouraged by its strength, but also motivated by its belief in the principle of equality. China is not afraid of conflict with the US at the last moment. In the face of the "big stick" of the US tariff threats, China has once again demonstrated its confidence in coping with an escalated trade war.

Since neither side has given up on the idea of making a deal, and it is the ultimate goal of both countries, the latest round of China-US trade talks is expected to be conducted in a climate of uncertainty, including that of a looming escalated trade war. Such a scenario has rarely been seen in the history of trade talks.

Will the US hit the brakes on the trade war at the last minute? Chinese want to know the answer to that question, but Americans are more concerned. Washington has found itself caught in a dilemma between its ambition to gain the upper hand in trade over China and its desire to minimize any negative impacts on its stock market. Beijing is serious about both trade talks and trade wars. Now, it is fully ready to switch to the mode of "fighting and talking."

China is well prepared for an escalation in trade tensions. A variety of plans are in place, such as countermeasures for any tariff rise, and favorable policies to minimize losses for Chinese enterprises. Mentally and materially, China is much better prepared than its US counterpart.

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Undoubtedly, the delegation will bring both the strong will and goodwill of the Chinese government and people to Washington at this critical juncture.

If there is a new round of tariff conflicts, it would be a repeat, or an enhanced version of what happened in the past. It would definitely incur losses for China and the US, losses that are both direct and indirect, explicit and implicit. Anyway, the total scale of losses on both sides would be roughly the same. If Washington has its mind set on going back down the path of a trade war, then China will fight it to the end. China has always had a firm stand on a trade war: China does not want it; China is not afraid of it; China will launch it when necessary.

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China won’t flinch in face of tough-talking US

https://youtu.be/LaBEvT4O634
https://youtu.be/qW6ocYsE2F8

The US will raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports effective Friday, according to a notice posted to the Federal Register.

The announcement was made at 8:45 pm on May 8 (Beijing time). At 11:23 pm, the Chinese Minister of Commerce said that China will have to take necessary countermeasures if the US goes ahead with its plan to increase tariffs on Chinese imports. Although China's announcement was made in a calm and peaceful manner, it has shown the country's unswerving resolution to defend its own interests.

Washington has lit the fuse on escalating China-US trade tensions. Beijing had announced it would send a delegation for the May 9 consultations before Washington's May 8 announcement. At this critical time, Washington's imprudent move is clearly an extreme means of sending an alarming message to China. Washington must have expected the Chinese delegation would rush to the US and seize every opportunity to reverse the situation. Instead, the Chinese delegation decided to fly to the US one day later than originally planned. This is the way Chinese express their will and determination.

The 11th round of China-US trade talks in Washington on May 9 looks like a "Banquet at Hongmen." On the one hand, Washington is lighting a fuse on escalating trade tensions; and on the other they still want to continue negotiating with the Chinese delegation. By doing so, they have set a new precedent in the history of trade talks.

Many people may ask: Under such circumstances, why is Beijing still sending the delegation to Washington? In fact, it's really Washington that should be answering the question: Under such circumstances, why is the Chinese delegation invited to Washington for more trade talks?

The answer is simple. Both China and the US want to finalize a trade deal. Obviously, there are some issues that are difficult to overcome for both sides. It seems that both are now mentally prepared for a transition from truce talks to the mode of "fighting and talking" at the same time.

It is a great pity that after meeting halfway on most of their differences, China and the US have not been able to reach consensus on the last few core issues. Those issues are not supposed to come up as they specifically reflect the unreasonable demands by the US. Their emergence is rooted in the misguided perception that the US is privileged by its strength. That misconception has also motivated the latest unexpected tariff rise announced by Washington.

China has turned down the US demands at the final stage of negotiation. It was not only encouraged by its strength, but also motivated by its belief in the principle of equality. China is not afraid of conflict with the US at the last moment. In the face of the "big stick" of the US tariff threats, China has once again demonstrated its confidence in coping with an escalated trade war.

Since neither side has given up on the idea of making a deal, and it is the ultimate goal of both countries, the latest round of China-US trade talks is expected to be conducted in a climate of uncertainty, including that of a looming escalated trade war. Such a scenario has rarely been seen in the history of trade talks.

Will the US hit the brakes on the trade war at the last minute? Chinese want to know the answer to that question, but Americans are more concerned. Washington has found itself caught in a dilemma between its ambition to gain the upper hand in trade over China and its desire to minimize any negative impacts on its stock market. Beijing is serious about both trade talks and trade wars. Now, it is fully ready to switch to the mode of "fighting and talking."

China is well prepared for an escalation in trade tensions. A variety of plans are in place, such as countermeasures for any tariff rise, and favorable policies to minimize losses for Chinese enterprises. Mentally and materially, China is much better prepared than its US counterpart.

In the face of the imminent, unique "Banquet at Hongmen," Chinese have full confidence in their delegation. Members of the Chinese delegation not only have the experience and wisdom to cope with the situation, but they also have the firm support and trust of the entire Chinese society.

Undoubtedly, the delegation will bring both the strong will and goodwill of the Chinese government and people to Washington at this critical juncture.

If there is a new round of tariff conflicts, it would be a repeat, or an enhanced version of what happened in the past. It would definitely incur losses for China and the US, losses that are both direct and indirect, explicit and implicit. Anyway, the total scale of losses on both sides would be roughly the same. If Washington has its mind set on going back down the path of a trade war, then China will fight it to the end. China has always had a firm stand on a trade war: China does not want it; China is not afraid of it; China will launch it when necessary.

Seeking fairness and justice on the global stage sometimes requires a huge price. It also can be costly for different parties to reach consensus. In the past year, China and the US have been locked in a trade war and have had 10 rounds of trade talks. However, the two sides have failed to meet each other halfway to make a deal. Many are wondering how much it will cost the two countries before a final agreement is made. If the latest round of talks in Washington fails to solve the puzzle, then the two countries will have to keep searching for the answer in the future.- Global Times

Read more ..

China ready for any outcomes in trade talks with US

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