China State Owned Media Says Will Fight Long Term Trade War
China state-run newspapers and journals are telling the Chinese people the Trump administration has underestimated their willingness to fight its trade war. Chinese media outlets are echoing Beijing’s preparedness for a long economic battle.
A commentary published late last week in one of the most widely read ideological journals Qiushi, which translates into “Seeking Truth” argues that China will not compromise on major principles in its negotiations with the United States on ending the dispute…
"China will not be afraid of any threats or pressure the United States is making that may escalate economic and trade frictions. China has no choice, nor escape route, and will just have to fight it out till the end,"
"No one, no force should underestimate and belittle the steel will of the Chinese people and its strength and tenacity to fight a war."
Hu Xijin, editor-in-chief of the state-run Global Times newspaper tweeted regarding the commentary said it represented "a further mobilization of Chinese society" in the struggle against U.S. trade pressure.
The commentary in Qiushi went on to assert…
"We must keep the initiative of innovation and development firmly in our hands, increase investment and research in key, core technology areas, pool together more high-value talents, enhance innovation and get rid of the core technology plight,"
In an apparent response to President Donald Trump's top economic advisor, Larry Kudlow’s claim that the economic burden of a trade war would shift to China the Qiushi commentary said…
"As a result of the trade frictions, only a very few Americans will benefit, but the majority of Americans will suffer."
“U.S. consumers and businesses had reaped huge benefits from trade with China and warned that trade frictions would inevitably have a serious negative impact on the U.S. economy.”
"In an era of economic globalization, trade protectionism is poison, not panacea higher tariffs would increase manufacturing costs for U.S. businesses and push up U.S. consumer inflation.”
In the meantime the U.S. Trade Representative's Office will kick off seven days of testimony from U.S. retailers, manufacturers and other businesses Monday, about Trump's plan to hit another $300 billion worth of Chinese goods with tariffs. It’s a preliminary step required by law before President Trump can impose these new tariffs.