© Johannes Neudecker/picture alliance via Getty ImagesChinese Foreign Ministry spokesman Lin Jian.
China has described new US tariffs as "bullying," arguing that they threaten to undermine the stability of the global economic order and escalate trade tensions between the world's two largest economies.
Commenting on Monday, Chinese Foreign Ministry spokesperson Lin Jian condemned Washington's decision to impose a 34% tariff on Chinese exports to the US on top of an existing 20% levy, bringing total duties to at least 54%.
The tariffs are "unilateralism, protectionism, and economic bullying," Lin told a regular press conference, adding that they "seriously impact the stability of the global economic order."
China's Finance Ministry declared on Friday that it would impose a matching 34% tariff on all US goods, set to take effect on April 10. Beijing has also filed a lawsuit with the World Trade Organization (WTO).
The escalating trade dispute has had immediate repercussions on global financial markets, sending European, US and Asian stocks tumbling. Economists have raised concerns about the potential for a global recession, with Goldman Sachs increasing the probability of a recession in the US to 45% in the next 12 months.
The US has taken the wrong approach to tackling its domestic economic issues such as insufficient manufacturing competitiveness, an editorial in the Global Times newspaper suggested on Monday.
Rather than addressing the issues through reforms, the US government is "shirking responsibility" and "shifting blame" by resorting to tariff hikes, wrote the paper.
Beijing's countermeasures are aimed at "demonstrating its firm resolve" not to tolerate the "reckless violation" of global trade rules by the US, it added.
Market analysts have warned that the tit-for-tat tariffs could disrupt global supply chains, increase consumer prices, and slow economic growth worldwide.
Reader Comments
But to the point, it will be shocking for Americans to realize what large percentage of their purchases are made in China. And which is not the fault of the Chinese.
I think it was on Larry Johnson's site were I recently read that even the defense industry outsourced the manufacture of certain critical components to China. I don't think stupidity and ignorance are proper explanations for that ...
I bet that part doesn't change either. Only goods and services the vulgar and poor depend on will likely be effected, and as I've seen so far, only the peasants will get thrown on the fires of the "justice" system, or government reform.
They burnt me on that fire a long time ago, and everybody laughed, so IDGAF about the average American anymore. I don't hate them all, but I'd miss none of them.
I'm not going to count myself among them either, because I was raised by the other ones, and am probably just as toxic due to...wrath, I suppose. I'm too angry to be very nice anymore, or have good intentions for my "fellow man." I have no fellowship with mankind, no part nor parcel with them at all. I'm not even a "citizen" of my own country. My agency has been completely removed.
The most humanity can ever expect from me now is polite silence, which I can't even seem to manage anymore either.
Yup....I'm in a mood today. Sorry.
A 'Carney' is what we call people who travel with small carnivals around rural Canada - Canadian gypsies. I drank with a room full of them in a Devon, Alberta hotel many years ago and woke up outside, on the lawn, without my wallet.
So I'm thinking the name for our current Liberal Leader is appropriate.