Cargo ships remain packed at various ports, but global alarms are going off, now that the U.S. has hit China with nearly $200 billion in tariffs, and Beijing countered with increased duties on about $60 billion in goods it ships to the U.S.
CGTN’s Sean Callebs reports.
U.S. President Donald Trump said on FOX News that the economic pressure is impacting China, and he hinted there’s more to come.
“They lived too well for too long and, frankly, I guess they think that the Americans are stupid people. We are not stupid people. We were led badly when it came to trade,” Trump said.
China has dismissed U.S. allegations that it was American money that “…really rebuilt China.”
But the growing trade war has caused the International Monetary Fund to reduce its global economic growth for this year and next.
China is again urging a healthier dialogue to hash out trade disputes.
“We hope that the U.S. could give more thoughts to the immediate interests of the two peoples and do more and say more to promote China-U.S. relations and people’s well-being, instead of the contrary,” Chinese Foreign Ministry Spokesman Lu Kang said.
The United States has long accused China of trying to steal trade secrets, the U.S. Justice Department says it has extradited an alleged Chinese spy to Washington, for prosecution. He is accused of trying to pilfer secrets from a U.S. Aerospace giant.
China denies it is trying to steal cutting edge emerging technology.
“The U.S. accusation is something made out of thin air,” Kang said.
It’s been a long time since Trump and Chinese President Xi Jinping had their friendly stroll on Trump’s south Florida resort of Mar-a-Lago.
The chasm between the two nations shows no sign of diminishing.
The United States also just approved more rigid investment restrictions, aimed at limiting transactions the U.S. considers a threat to national security.
While many nations are affected, the Trump Administration is making it clear it is primarily aimed at China, to keep Beijing from accessing key sensitive technology.