Chinese state media evoke patriotism as trade dispute with the USA escalates

Traders work on the floor at the NYSE in New York

Traders work on the floor at the NYSE in New York

President Donald Trump is not backing off from his "squabble" with China over trade, regardless of the toll the dispute takes on the stock market and the US economy.

China has yet to say whether or how it will retaliate against the latest escalation in trade tension, although state media has taken an increasingly strident tone, with the ruling Communist Party's People's Daily publishing a front-page commentary that evoked the patriotic spirit of past wars.

Without sincerity, there was no point in coming for talks and nothing to talk about, it said.

The indications that negotiations are paused will focus attention on the next opportunity for Presidents Xi Jinping and Donald Trump to meet - at the Group of Twenty meeting in Japan next month.

"Indeed, this is an important moment, but not an existential, live-or-die moment", the official said. "China's stance has become more hard-line and it's in no rush for a deal" because the USA approach is extremely repellent and China has no illusions about US sincerity, he said.

"China does not want a "trade war" but it is not afraid of one and would fight one if necessary", he wrote.

According to Zhou, the commerce ministry spokesman on Thursday effectively ruled out talks in the near term. The Mexican president's office later said Mexico had reached a similar deal with the United States. -China trade talks, said China always encouraged resolving disputes between the two countries with dialogue and consultations.

"But because of certain things the U.S. side has done during the previous China-U.S. trade consultations, we believe if there is meaning for these talks, there must be a show of sincerity", he told a daily news briefing.

He also admonished the USA that taking unilateral measures such as imposing higher tariffs would only result in damaging consumers and businesses in both countries.

The U.S. has been talking about wanting to continue the negotiations, but in the meantime it has been playing "little tricks to disrupt the atmosphere", according to the Taoran commentary on Thursday night, citing Trump's steps this week to curb Chinese telecom giant Huawei Technologies Co.

"We can't see the USA has any substantial sincerity in pushing forward the talks. Conversely, methods of extreme pressure are spreading", the post added. Purdue said the farm bailout will total between $15 billion and $20 billion, and include more direct payments and commodity purchases, but "many farmers doubt the scale of that aid package is anywhere near sufficient to make up for a trade spat that has shut them out of a lucrative Chinese market of 1.4 billion consumers", The Wall Street Journal reports.

The Shanghai Composite Index was 1.7 per cent lower at 1:38 p.m.in Shanghai, putting it on course for a fourth week of losses, the worst streak in 10 months.

The tough talk capped a week that saw Beijing unveil fresh retaliatory tariffs, USA officials accuse China of backtracking on promises made during months of talks and the Trump administration level a potentially crippling blow against one of China's biggest and most successful companies.

"If anyone thinks the Chinese side is just bluffing, that will be the most significant misjudgment" since the Korean War, it said.

A high ranking Chinese official has said that the ongoing trade war with the U.S. could slash China's GDP by 1%, in the first such admission by Beijing that the tariff war with Washington is biting the world's second largest economy. 'China will continue working with the U.S.to ensure the steady and sound development of their economic partnership'. The other said claims from some officials in the US that they have "rebuilt" China over the past 25 years are "outrageous" and shows their vanity, ignorance and distorted mentalities.

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