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Trade war hasn't made the US great again, but damaged its economy: China

Washington and Beijing resumed their bruising trade battle last month when the latest round of talks ended without a deal

AFP  |  Beijing 

Photo: Shutterstock

Washington's escalating trade war with has not "made great again" and has instead damaged the American economy, said Sunday, stressing that while it wants resolution through talks it will not compromise on core principles.

The comments came in a white paper released by the a day after it hit USD 60 billion worth of US goods with new punitive tariffs ranging from five to 25 per cent, in retaliation for raising duty on USD 200 billion in Chinese goods to 25 per cent.

"The (US) tariff measures have not boosted American economic growth. Instead, they have done serious harm to the US economy," the paper said, pointing to what it described as increased production costs and consumer prices in the and threats to economic growth.

and resumed their bruising trade battle last month when the latest round of talks ended without a deal, with American negotiators accusing their Chinese counterparts of reneging on previous commitments.

But said the US should bear "sole and entire responsibility" for the breakdown, accusing of repeatedly changing its demands and of making "reckless" allegations about Beijing's conduct during the negotiations.

The world's top two economies have so far exchanged tit-for-tat tariffs on two-way trade worth hundreds of billions of dollars, and the spat has spooked markets and sparked worries about global economic growth.

The trade conflict has been upstaged in recent weeks by Washington's blacklisting of Chinese tech titan over national security concerns, and in an apparent response to that move, said Friday it would release its own list of "unreliable entities".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sun, June 02 2019. 09:05 IST