China Blames U.S. for Trade War Escalation
China’s central government accuses the U.S. of violating trade agreements about tariffs, backtracking on its commitments and making “exorbitant” demands that have foiled a deal to end their trade war.
#economics
China’s central government accuses the U.S. of violating agreements about tariffs, backtracking on its own commitments and making “exorbitant” demands that have blocked a deal to end their trade war.
A white paper released by China yesterday rehashes several established policy positions, including each country’s right to hew to its own development paths and basic institutions. China says its “right to develop cannot be sacrificed.”
Analysts say the statement signals fundamental policy areas that China is prepared to defend rigorously, even if it means a prolonged geopolitical conflict with the U.S., Bloomberg News reports. American negotiators have pushed hard for China to revise its laws to strengthen protections for intellectual property and end government subsidies that give Chinese companies an unfair competitive advantage.
China, like the U.S., was optimistic about a deal as recently as the end of April. But it grouses that “the more the U.S. government is offered, the more it wants.”
The report complains about President Donald Trump’s decision on May 10 to impose tariffs on another $200 billion in Chinese goods after the talks suddenly stalled. Each side blames the other for reneging on tentative agreements that derailed a hoped-for deal in May.
Trump had stated for months beforehand that he would delay new tariffs only if he felt the two countries were making meaningful progress on a deal. Last week he declared the U.S. is “not ready” to finalize an agreement with China.
The white paper also insists that U.S. concerns about enforcing a trade pact are unfounded. If an agreement is reached, it declares, China will “honor its commitments sincerely and faithfully.”
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