One day after the US president left open the possibility of imposing a new tax on Chinese goods, Beijing would declare it hard to respond if the US tried to escalate trade tension.
A year ago, on June 12, 2016, after a lot of effort, goodwill, and turbulence, the first summit meeting between US President Donald Trump and Korean leader Kim Jong-un at the Capella Hotel on Singapore’s Sentosa island, ended well.
The statement was made a day by Chinese Foreign Ministry spokesman Jingtian after US President Donald Trump left the possibility of imposing a new tax on Chinese goods, if the two sides failed to reach an agreement at the upcoming Summit of the World’s Leading Emerging Economies and Emerging Economies (G20) in Japan.
Speaking at a regular press conference on June 11, spokesman once again did not mention the meeting between Chinese President Xi Jinping and President Trump at the G20 conference, but only said it would work disclosure information when this set is ready.
He pointed out: “China does not want to conduct a trade war, but Beijing is not afraid of such a war”, and said the country has always left the door open for negotiation but must ensure it is based on equality. The official also said Beijing will respond strongly and “fight to the end” if Washington moves to cause trade tension to escalate.
Earlier, in an interview with CNBC TV, President Trump said he expected to conduct talks with Chinese President Xi Jinping at the G20 summit in Osaka later this month, despite China. still not confirmed the meeting. The White House boss also warned that new tariffs aimed at Chinese imports would be immediate if President Xi Jinping did not attend the event.
Referring to the comparative advantage of the US and China, President Trump affirmed that China will never catch up with the US. According to him, with the escalation of tax levies, the US could force producers to leave China, to countries that are not taxed by the US.
The US leader also confidently believes that in the game of mutual retaliation, China will be a losing party, simply because the United States has few items that could become targets of this Asian nation applying the tax.
Under the plan, the G20 Summit will take place on June 28-29 in Osaka in the context of the US warning of imposing a 25% tax on all remaining goods imported from China worth about 300 billion USD, including phones, computers and garments.
During a visit to France last week, President Trump said he would decide whether to implement the tax-imposed plan after meeting with President Xi Jinping. With the trade war beginning more than a year ago, President Trump’s administration has so far imposed additional taxes on $ 250 billion of Chinese goods, while Beijing responds by imposing a tax on $ 110 billion.
Experts say that trade tension, especially between the US and China today, can curb investment, production and growth. US President said that: “The meeting with the Chinese President has been planned China accuses most of the attacks on the country from the US”.
According to estimates by the International Monetary Fund (IMF), the US-China tariff war, which includes measures implemented last year, could reduce global GDP by 0.5% by 2020. The loss is equivalent to about 455 billion USD, larger than the size of South Africa’s economy.
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