U.S., China sink into deepening trade conflict
- 6 years ago
Despite mounting criticisms surrounding its trade conflict with China... the U.S. is not budging.
In fact, its top trade advisor insisted that Beijing has more to lose in a potential trade war with Washington.
Kim Hyo-sun tells us more.
The United States and China are sinking into a deepening trade conflict as President Trump threatened this week to impose an additional ten percent tariff on 200 billion U.S. dollars of Chinese goods.
He called the move retaliation for Beijing's decision last weekend to raise tariffs on 50 billion dollars' worth of U.S. products.
China said it would impose such tariffs following Washington's 25 percent tariff on Chinese goods worth 50 billion dollars.
China's foreign ministry also warned the U.S. was initiating a trade war.
"Again and again the U.S. has been provoking a trade war. This method leads to the loss of people's trust and harms the interests of people and enterprises from both China and the U.S. and harms the interests of the people of the entire world."
President Trump's announcement to impose additional tariffs on China caused global markets to tumble,... with the Dow currently on a six-day-long losing streak.
The announcement also drew heavy criticism from retailers, tech companies and manufacturers,... yet Washington remains unmoved.
White House trade advisor Peter Navarro told reporters on Tuesday that it's China who has more to lose in any trade war,... highlighting that China's exports to the U.S. exceeded the amount of goods exported from the U.S. to China.
He also added the actions are (quote) "necessary to defend" the U.S.
Addressing concerns that such a conflict could lead to worsening bilateral ties between Washington and Beijing,... Navarro explained it's just a trade conflict,... adding that President Trump has a close personal relationship with his Chinese counterpart.
Kim Hyo-sun, Arirang News.
In fact, its top trade advisor insisted that Beijing has more to lose in a potential trade war with Washington.
Kim Hyo-sun tells us more.
The United States and China are sinking into a deepening trade conflict as President Trump threatened this week to impose an additional ten percent tariff on 200 billion U.S. dollars of Chinese goods.
He called the move retaliation for Beijing's decision last weekend to raise tariffs on 50 billion dollars' worth of U.S. products.
China said it would impose such tariffs following Washington's 25 percent tariff on Chinese goods worth 50 billion dollars.
China's foreign ministry also warned the U.S. was initiating a trade war.
"Again and again the U.S. has been provoking a trade war. This method leads to the loss of people's trust and harms the interests of people and enterprises from both China and the U.S. and harms the interests of the people of the entire world."
President Trump's announcement to impose additional tariffs on China caused global markets to tumble,... with the Dow currently on a six-day-long losing streak.
The announcement also drew heavy criticism from retailers, tech companies and manufacturers,... yet Washington remains unmoved.
White House trade advisor Peter Navarro told reporters on Tuesday that it's China who has more to lose in any trade war,... highlighting that China's exports to the U.S. exceeded the amount of goods exported from the U.S. to China.
He also added the actions are (quote) "necessary to defend" the U.S.
Addressing concerns that such a conflict could lead to worsening bilateral ties between Washington and Beijing,... Navarro explained it's just a trade conflict,... adding that President Trump has a close personal relationship with his Chinese counterpart.
Kim Hyo-sun, Arirang News.