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The United States has been told to “stop whining” about global trade by a Chinese state media mouthpiece. China Daily accused US President Donald Trump of “hoodwinking” Americans by telling them they are being “ripped off” by China.
In an editorial, the Chinese Communist Party’s English-language news outlet said: “The US is not getting ripped off by anybody. The problem is the US has been living beyond its means for decades. It consumes more than it produces.” The outlet claimed the US has outsourced manufacturing and borrowed money in order to have a higher standard of living than it is entitled to based on its productivity. It added: “Rather than being ‘cheated’, the US has been taking a free ride on the globalisation train.” China Daily went on to say: “The US should stop whining about itself being a victim in global trade and put an end to its capricious and destructive behaviour.”
The world’s two largest economies appear locked in an escalating trade war, raising tariffs and other obstacles to trade with one another.
Mr Trump imposed tariffs of as much as 145% on Chinese goods on the premise that the taxes will generate new revenues, help reduce the federal budget deficit and force China to make concessions in talks.
So far, Beijing has shown no willingness to back down, placing 125% tariffs on US goods entering its market.
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On the prospect of a deal between the two countries, White House press secretary Karoline Leavitt said on Tuesday: “The ball is in China’s court.
“China needs to make a deal with us. We don’t have to make a deal with them. There’s no difference between China and any other country, except they are much larger.
“And China wants what we have, what every country wants … the American consumer. Or to put it another way, they need our money.”
Trade war concerns were revived on the markets on Wednesday by a Trump administration announcement of an investigation into imports of critical minerals used in smartphones, electric vehicles and many other products.
Markets on Wall Street sank before the opening bell on Wednesday as Nvidia and other technology companies were walloped by tighter US controls on exports of advanced computer chips used for artificial intelligence.
Futures for the S&P 500 were down 0.6% while futures for the Dow Jones Industrial Average were flat. Futures for the technology-heavy Nasdaq slid 1.3%.
Chipmaker Nvidia’s shares fell 6.5% in pre-market trading after it said the US had imposed stricter controls on its exports of one of its computer chips designed for use in artificial intelligence. Rival chipmaker AMD’s shares dropped 6.8%.
Meanwhile, Chinese President Xi Jinping has been touring southeast Asia in a bid to reduce the impact of US tariffs.
Xi is visiting Vietnam, Malaysia and Cambodia this week, days after Trump’s tariff announcements disrupted the global economy. He has used the trip to promote Beijing as a source of stability in the region.
The trip is an opportunity for Beijing to shore up relations in the region and find ways to alleviate the pain of Mr Trump’s tariffs, even though the US leader paused targeted levies for other countries for 90 days.
In remarks made at a dinner with Malaysian Prime Minister Anwar Ibrahim, Xi said: “In the face of shocks to global order and economic globalisation, China and Malaysia will stand with countries in the region to combat the undercurrents of geopolitical… confrontation, as well as the counter-currents of unilateralism and protectionism.”
He added: “Together we will safeguard the bright prospects of our Asian family.”
Mr Ibrahim said in response: “What we are witnessing today is not an honest reckoning with the imperfections of globalisation, but a retreat into economic tribalism. Market access is being weaponised.
“In these trying times, the world yearns for steadiness, reliability and a common purpose. We see this in China’s conduct.”