US trade bullying tactics evoke wide resentment
- By Wu Jin
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E-mail China.org.cn, July 10, 2018
On July 6, U.S. President Donald Trump, imposed an extra 25 percent of tariffs on US$34 billion of Chinese imports, encompassing aerospace facilities, information technological products, auto parts and medical equipment, squarely taking aim at China's efforts to move up in the global industrial chain.
On the same day, China launched its countermeasures by levying an equal sum on U.S. products ranging from automobiles and aquatic products to soybeans.
"This could be an epic trade war throughout the history of mankind," said Hong Junjie, dean of the International Economy and Trade School at the University of International Business and Economics, during an interview with CGTN.
"The United States should abandon their hallucination that China, a country with a firm stance of upholding the free and multilateral trade system, will concede to unilateral pressure, which is doomed to end in futility," Hong said.
According to the Office of the United States Trade Representative, the administration allows American companies in need of China's imported products to apply for tariff exemptions within 90 days.
However, many say the exemption will help little to improve trade or the economy across the world.
According to the Organization for Economic Cooperation and Development, the cost of global trade will go up by 10 percent and the trade volume will fall by 6 percent if the measured trade war waged by the United States is confronted with retaliatory measures.
The tariff is an epitome of trade bullying imposed by the United States and it can jeopardize the security of global industrial and value chains, causing market volatilities, affecting innocent multinational companies, entities and ordinary individuals. It is inimical even to the United States' own interests and the interests of its people, said a spokesman of China's Ministry of Commerce.
Last month, when the U.S. administration announced its intention to impose tariffs on steel and aluminum products from Canada, Mexico and the EU, Chrystia Freeland, the foreign minister of Canada, rebuked the policy and vowed to strike back.
"Canada has no choice but to retaliate with a measured, perfectly dollar-to-dollar and reciprocal response and that is what we are doing now," Freeland said.
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