China released a new document this week in which it accused the U.S. of being a bully on trade matters.
The 71-page white paper published by the Chinese government said the Trump Administration had engaged in “trade bullyism practices” which has created “the greatest source of uncertainty and risk for the recovery of the global economy,” CNBC News reported Tuesday.
The paper detailed the trade imbalance between China and the U.S., as well as other Chinese policies and responses that have drawn criticism. Additionally, China used the paper to wage its own criticism of U.S. practices, which it claims have interfered with investments in Chinese companies doing business in the U.S.
White paper describes ‘America First’ policy as an abandonment of norms of mutual respect and consultation https://t.co/wD4wCC9AOd
— The Wall Street Journal (@WSJ) September 24, 2018
“China does not want a trade war, but it is not afraid of one and will fight one if necessary,” China declared in the paper. “We have a highly resilient economy, an enormous market, and the hard-working, talented and united Chinese people. We also have the support of all countries in the world that reject protectionism, unilateralism and hegemony.”
“The US government has taken extreme trade protectionist measures, which have undermined the international economic order, caused damage to China-US trade and trade relations around the world, disrupted the global value chain and the international division of labor, upset market expectations, and led to violent swings in the international financial and commodity markets. It has become the greatest source of uncertainty and risk for the recovery of the global economy,” the paper added.
On Monday when the paper was published, the U.S. and China both enacted another round of trade tariffs on one another. The U.S. implemented a 10 percent tariff on Chinese goods worth $200 billion, prompting China to immediately implement its own retaliatory tariffs worth $60 billion on U.S. goods.
The Chinese paper said the U.S. “has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure.”
The white paper said China and the US are at different stages of development and have different economic systems, and therefore some level of trade friction is only natural. “The key, however, lies in how to enhance mutual trust, promote cooperation, and manage differences.” https://t.co/YyGgSFcCS3
— Global Times (@globaltimesnews) September 24, 2018
However, some of the Trump Administration’s consequences against China have followed violations of United Nations sanctions or otherwise illegal activity.
In August, the U.S. Treasury Department enacted sanctions on a Chinese company for violating U.N. sanctions when it helped North Korea reroute shipments through Chinese ports. The activity was first spotted in satellite images taken in Oct. 2017, showing the transfer of oil between Chinese and North Korean ships.
In March, the plan to enact tariffs was announced initially after China was accused of stealing intellectual property from U.S. companies. An investigation began allegations that China was stealing U.S. trade secrets by forcing companies to transfer intellectual property in exchange for market access.
Additionally, the U.S. State Department announced sanctions last week against a Chinese company for purchasing SU-35 combat planes and S-400 surface-to-air missiles from Russia.
China claims that U.S. tariffs are a threat that interferes with their “right to development.” The trade war between the U.S. and China is predicted by analysts to be a long-term conflict as both sides continue to point the finger at one another.