Taking aim at U.S., China says provoking trade disputes is ‘naked economic terrorism’

BEIJING (Reuters) – Provoking trade disputes is “naked economic terrorism”, a senior Chinese diplomat mentioned on Thursday, ramping up the rhetoric towards the United States amid a bitter trade battle that is exhibiting no indicators of ending quickly.

A employee cycles previous containers exterior a logistics middle close to Tianjin Port, in northern China, May 16, 2019. REUTERS/Jason Lee

Trade tensions between Washington and Beijing escalated sharply earlier this month after the Trump administration accused China of getting “reneged” on its earlier guarantees to make structural adjustments to its economic practices.

Washington later slapped further tariffs of as much as 25% on $200 billion of Chinese items, prompting Beijing to retaliate.

Speaking to reporters in Beijing, Chinese Vice Foreign Minister Zhang Hanhui mentioned China opposed using “big sticks” like trade sanctions, tariffs and protectionism.

“We oppose a trade war but are not afraid of a trade war. This kind of deliberately provoking trade disputes is naked economic terrorism, economic homicide, economic bullying,” Zhang mentioned, when requested in regards to the trade battle with the United States.

Everyone loses in a trade battle, he added, addressing a briefing on Chinese President Xi Jinping’s state go to to Russia subsequent week, the place he’ll meet Russian President Vladimir Putin and communicate at a significant investor discussion board in St Petersburg.

“This trade clash will have a serious negative effect on global economic development and recovery,” Zhang added.

“We will definitely properly deal with all external challenges, do our own thing well, develop our economy, and continue to raise the living standards of our two peoples,” he mentioned, referring to China and Russia.

“At the same time, we have the confidence, resolve and ability to safeguard our country’s sovereignty, security, respect and security and development interests.”

From combative missives in state media and patriotic fervor on social media, to a mobilization of ambassadors around the globe to get its message out, China has intensified its criticism of Washington because the United States this month moved to extend tariffs on Chinese imports and blacklisted tech big Huawei Technologies Co Ltd.

On Thursday, a broadcaster from Chinese state tv and a Fox Business host staged an unprecedented reside debate in regards to the China-U.S. frictions on the U.S. cable community.

Over the previous two weeks, China has hinted that it could use its dominant place as an exporter of uncommon earths to the United States as leverage within the trade battle. Rare earths are a bunch of 17 chemical parts utilized in every little thing from high-tech shopper electronics to navy tools.

On Thursday, the state-run China Daily newspaper mentioned “it would be naive to think that China does not have other countermeasures apart from rare earths to hand”.

“As Chinese officials have reiterated, they have a ‘tool box’ large enough to fix any problem that may arise as trade tensions escalate, and they are ready to fight back ‘at any cost’,” it mentioned in an editorial.

China has persistently rebuffed U.S. complaints about lack of entry to its economic system for overseas corporations, pressured know-how transfers and mental property safety, and repeatedly promised additional economic reforms.

Speaking at a separate discussion board in Beijing, Wang Zhaoxing, a vice chairman of China’s banking and insurance coverage regulator, mentioned the final 4 many years of the nation’s economic reforms have proven that “openness brings progress, shutting off brings backwardness”.

“It is undeniable that the current economic globalization has indeed encountered some new problems and new challenges,” Wang mentioned.”However, the answer is to not return to protectionism and unilateralism.”

Reporting by Ben Blanchard; Additional reporting by Leng Cheng, and John Ruwitch in Shanghai; Editing by Neil Fullick & Shri Navaratnam

Our Standards:The Thomson Reuters Trust Principles.

Source link reuters.com

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