China has hit back with its own tariff increase while state media has suggested that Beijing could stop exports of rare earths to the United States, depriving Washington of a key material to make tech products.
China accused the United States of “naked economic terrorism” on Thursday as Beijing ramps up the rhetoric in their trade war. The world’s top two economies are at loggerheads as trade talks have apparently stalled, with President Donald Trump hiking tariffs on Chinese goods earlier this month and blacklisting telecom giant Huawei.
“We are against the trade war, but we are not afraid of it,” vice foreign minister Zhang Hanhui said at a press briefing to preview President Xi Jinping’s trip to Russia next week. “This premeditated instigation of a trade conflict is naked economic terrorism, economic chauvinism, and economic bullying,” Zhang said. “There is no winner in a trade war,” he warned.
China has hit back with its own tariff increase while state media has suggested that Beijing could stop exports of rare earths to the United States, depriving Washington of a key material to make tech products. “This trade conflict will also have a serious negative impact on the development and revival of the global economy,” Zhang said. China and Russia have broad consensus and common interests on the trade war issue, he said.
“China and Russia will certainly strengthen economic and trade cooperation, including cooperation in various fields such as economic and trade investment,” Zhang added. “We will certainly respond to various external challenges, do what we have to do, develop our economies, and constantly improve the living standards of our two peoples.”