Chinese state media accuse U.S. of 'mobster mentality', vow to fight tariffs
Published Aug 08, 2018 09:28PM ET
Chinese state media accuse U.S. of 'mobster mentality', vow to fight tariffs
By Brenda Goh
SHANGHAI (Reuters) - Chinese state media on Thursday accused the United States of a "mobster mentality" in its move to implement additional tariffs on Chinese goods, and warned Beijing had all the necessary means to fight back.
The comments mark a ratcheting up in tensions between the world's two largest economies over a trade dispute, which is already impacting industries ranging from steel to cars and causing unease over which products could be targeted next.
Beijing late on Wednesday said it would slap additional tariffs of 25 percent on $16 billion worth of U.S. imports, in retaliation to news the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods from Aug. 23.
"The two countries' trade conflict, which is merely push and shove at the moment, is likely to escalate into more than just a scuffle if the U.S. administration cannot marshal its mobster mentality," state newspaper China Daily said in an editorial.
"China continues to do its utmost to avoid a trade war, but in the face of the U.S.'s ever greater demand for protection money, China has no choice but to fight back," it said.
So far, China has now either imposed or proposed tariffs on $110 billion of U.S. goods, representing the vast majority of its annual imports of American products. Big-ticket U.S. items that are still not on any list are crude oil and large aircraft.
"China has confidence in protecting its own interests, has many means," state broadcaster CCTV said on its early morning news show.
Another commentary, written by China Institute of International Studies research fellow Jia Xiudong and published in the overseas edition of the People's Daily newspaper, said the United States was trying to "suppress China's development".
China should consider "unconventional methods" such as the stimulus plan used by Beijing during the global financial crisis if needed to sustain economic growth, the Global Times newspaper, a tabloid published by the ruling Communist Party's People's Daily, said in a commentary.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.