Bloomberg: China will not buckle facing a trade war
Updated: 2018-08-08 14:09
The trade war between the world's two largest economies is getting out of hand, said Bloomberg news.
When US President Donald Trump first threatened to impose tariffs on Chinese goods in March, trade experts warned that the two countries could be caught in a vicious circle of tit-for-tat trade actions.
China announced on Aug 3 a latest list of US products valued at $60 billion that are subject to additional tariffs as a reciprocal trade measure to safeguard its legitimate interests. Earlier, the US government rolled out a massive list of tariffs for $200 billion worth of Chinese products.
Stefan Selig, former trade undersecretary at the Commerce Department in the Obama administration said the Trump administration may be overestimating its ability to pressure Beijing into changing its economic behavior, and it is “such a fundamental miscalculation that the Chinese are going to buckle”.
The trade war between the world's two largest economies is getting out of hand, said Bloomberg news.
When US President Donald Trump first threatened to impose tariffs on Chinese goods in March, trade experts warned that the two countries could be caught in a vicious circle of tit-for-tat trade actions.
China announced on Aug 3 a latest list of US products valued at $60 billion that are subject to additional tariffs as a reciprocal trade measure to safeguard its legitimate interests. Earlier, the US government rolled out a massive list of tariffs for $200 billion worth of Chinese products.
Stefan Selig, former trade undersecretary at the Commerce Department in the Obama administration said the Trump administration may be overestimating its ability to pressure Beijing into changing its economic behavior, and it is “such a fundamental miscalculation that the Chinese are going to buckle”.
