China has accused the United States of “trade bullyism practices” that have become “the greatest source of uncertainty and risk for the recovery of the global economy.” And their new party line has become: “we’re trying to save the world from the US government.”
In a 71-page paper, the Chinese government came out swinging against the US’s efforts to ignite a disastrous trade war. They accused President Donald Trump’s administration of “trade bullyism practices” but worse, say they are attempting to save the world. According to CNBC, the document, which was published on Monday, outlined the Chinese government’s response to criticisms leveled against it by the US. Issues addressed in the report include the trade imbalance between the two countries, Beijing’s subsidy policy and alleged intellectual property theft by China’s companies.
Beijing has also called out Washington for its policies that it “inhibit fair competition in the US” — such as subsidies — and allegedly abusing national security laws to obstruct the “normal investment activities” of Chinese companies on American shores. “China does not want a trade war, but it is not afraid of one and will fight one if necessary,” Beijing said in the document. “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 said.
American officials have attempted to claim that China is, in fact, the aggressor in the trade war because it took advantage of the US’s consumer mentality for many years.
The document was released on the same day as an escalation in the trade dispute between the world’s two largest economies. The Trump administration levied tariffs on an additional $200 billion of Chinese goods on Monday, while the government of Chinese President Xi Jinping retaliated by targeting roughly $60 billion worth of U.S. imports.