Chinese media says United States has 'delusions', urges focus on domestic development

Trump’s China clamp down defends America’s crown jewels: trade director Peter Navarro

Trump’s China clamp down defends America’s crown jewels: trade director Peter Navarro

On Monday, Trump threatened to hit $200 billion of Chinese imports with 10% tariffs, if the country follows through with its retaliation against tariffs on $50 billion in imports, already announced. In two of the past six months for which US export data is available, American exports to China exceeded the volume of USA exports to Canada-in October 2017 and in March 2018.

Chinese oil customers plan to reduce their intake of US crude oil from September onwards to avoid a possible import tariff on American oil in China, due to the uncertain outcome of the current trade tensions, Reuters reported on Thursday, citing Chinese industry sources.

The official China Daily said in an editorial the United States had failed to understand that the business it does with China supported millions of American jobs and that the USA approach was self-defeating.

"Beijing will further open up China's financial markets to the world, a move that may draw funds from US stock markets as global investors increasingly add Chinese stocks to their portfolios", it said.

"The woes the administration is inflicting on Chinese companies do not simply translate into boons for United States enterprises and the U.S. economy", it said in an editorial headlined "Protectionism symptom of paranoid delusions". "In other words, China should focus on its domestic affairs".

"As long as China can effectively utilise its successful policies and experiences accumulated since the reform and opening up, and avoid subversive mistakes, the country will see robust momentum for development", the Global Times said.

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