Economic News: Chinese State Media Blames the US of ‘Mobster Mentality’
On Thursday, the Chinese state media blamed the United States for a “mobster mentality.” This pertains to the move of the United States of imposing further tariffs on Chinese goods. Beijing warned that they would fight back with the necessary means.
The comments heightened the tension between the US and China. Moreover, this trade dispute between the world’s two largest economies has been affecting various industries from steel to cars. This trade war has been also causing unease as to which product will be the next target.
On Wednesday, China said that it would retaliate to add further 25% tariffs on US imports worth $16 billion. This is Beijing’s way of slapping back to news that Washington is soon to start the collection of 25% tariff on Chinese goods worth $16 billion.
“The two countries’ trade conflict, which is merely pushed and shove at the moment, is likely to escalate into more than just a scuffle if the U.S. administration cannot marshal its mobster mentality. China continues to do its utmost to avoid a trade war, but in the face of the U.S.’s ever greater demand for protection money, China has no choice but to fight back,” state newspaper China Daily said.
China has already options which could be either impose or propose tariffs on $110 billion of U.S. goods. Meanwhile, crude oil and large aircraft were the big-ticket items which are not yet included on any list.
“China has confidence in protecting its own interests, has many means,” state broadcaster CCTV said.
According to the China Institute of International Studies research fellow Jia Xiudong, the United States was trying to suppress the development of China.
Elsewhere, the Global Times newspaper suggested that China should consider “unconventional methods.” This includes China’s stimulus plan which was utilized during the global financial crisis in order to sustain economic growth.
Economic News: Mexico is encouraged to keep NAFTA talks, says the economy minister
On Wednesday, Mexico’s Economy Minister Ildefonso Guajardo said that the country is encouraged to continue working with the United States for the North American Free Trade Agreement’s (NAFTA’s) updates. Further, Guajardo told this after its meeting with Robert Lighthizer, the US Trade Representative.
“We are definitely encouraged to keep on working, basically covering all the items that we have to cover and we added a list of things that we’ll be talking about tomorrow,” said Guajardo.
Luis Videgaray, the Foreign Minister of Mexico and Jesus Seade, Mexico’s next potential chief NAFTA negotiator accompanied Guajardo in the Washington meeting.
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