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QINGDAO TODAY
在线翻译:
szdaily -> China -> 
China to take action if US ups tariffs
    2019-08-05  08:53    Shenzhen Daily

CHINA will have to take “necessary countermeasures” to defend its core national interests and its people’s fundamental interests if the United States goes ahead with tariff hikes on Chinese goods worth US$300 billion starting Sept. 1.

Foreign Ministry spokesperson Hua Chunying made the remarks at a press briefing Friday, adding the ensuing consequences will all be born by the U.S. side.

Calling the 10-percent tariff hikes by the U.S. a “serious violation” of the consensus reached by the two countries’ heads of state at the G20 summit in Osaka in Japan, Hua said the move has deviated from the right course and will in no way help solve the problem. “China strongly deplores and firmly opposes the move,” she added.

The escalation of the trade frictions and the threat of ratcheting up tariffs by the U.S. are in line with neither the interests of the two countries’ peoples nor the interests of the world, and will have a recessionary impact on the world economy, the spokesperson said.

“China always believes there is no winner in a trade war. We don’t want a trade war, but we are not afraid to fight one if necessary,” Hua said, adding the Chinese side will not accept any maximum pressure or intimidation and will never compromise on issues concerning major principles.

Hua urged the U.S. side to grasp the situation, abandon its illusions, correct its mistakes and return to the right track of settling problems via consultations based on equality and mutual respect.

Also on Friday, the Ministry of Commerce said that China strongly opposes the U.S. plan and will have to take necessary countermeasures to defend its interests.

If the U.S. tariff plan is put into effect, China will have to take necessary countermeasures to firmly defend its core national interests and people’s fundamental interests. The U.S. side will bear all the consequences, according to a ministry spokesperson.

As for the U.S. side, Wall Street economists and analysts have cautioned that Washington’s intention to slap fresh tariffs on Chinese imports would batter business investment and consumer spending.

“Trump’s announcement will only serve to create additional downward pressure on business confidence,” said a group of investment strategists at Swiss investment bank UBS on Friday.

“The uncertainty created by the trade disputes has been weighing on business investment spending, which turned negative during the second quarter,” they noted in a research report. “If businesses stop hiring, this would greatly increase the risk of a recession.”

The report cited the U.S. Institute for Supply Management (ISM) manufacturing index, which fell to 51.2 in July from June’s 51.7, marking the lowest reading since August 2016, with many respondents mentioning tariffs as a negative factor for their business.

If implemented, these proposed tariffs would be translated into an approximately US$30 billion tax on U.S. consumers, or 0.15 percent of U.S. GDP, according to the UBS report.

(Xinhua)

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