UNITED STATES, WASHINGTON (OBSERVATORY) — Beijing on Saturday condemned a recent US decision to impose new tariffs on US goods and said Washington would bear the consequences of its “bullying” policy.
European leaders have also warned US President Donald Trump of the repercussions of the ongoing trade dispute with China and Europe, which is expected to dominate discussions of the Group of Seven, which begins Saturday evening in France.
On Friday, Beijing increased US tariffs on US goods by 75 billion dollars in response to the US increase on August 1. Down to 550 billion dollars.
A spokesman for China’s Ministry of Commerce on Saturday condemned the “trade protectionism and bullying policy” of the United States.
The spokesman said the announcement by the United States “would seriously harm the multilateral trading system and the natural order of international trade,” warning that the United States “will bear the consequences of its actions.”
China “strongly urges the United States not to underestimate the situation or underestimate the insistence of the Chinese people, and should immediately stop its wrong practices or bear all the consequences,” the spokesman said.
By the end of the year, the fierce trade dispute will have affected almost all imports and exports between the two countries, and these swift changes are worrying US companies, many of which rely on China for manufacturing or for ready goods.
These trade confrontations slowed US growth and weakened the global economy. The threat of serious deterioration has also caused stock markets to fall sharply.
European Council President Donald Tusk warned Saturday that Trump’s escalating trade dispute against China and Europe could push economies around the world into recession.
French President Emmanuel Macron, whose country is hosting the Group of Seven summit in Biarritz, also warned of the negative effects of trade disputes.
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