China would not give up and shall fight the trade war with all wisdom and authority, said the Chinese state media. If the U.S is determined to linger on with the war, we are ready to fight it out.
The newspaper further added that the U.S has to come to terms with the rise in tariffs before initiating any sort of a dialogue. China is determined to counter all the price hikes and increased tariffs on Chinese products to the United States.
The mainstream newspaper further added that the U.S has not taken the hues and cries of its own people. And the local farmers are paying for it and so is the ordinary man. And the war is not going well with the United States.
leaders of confronting nations
A day before, an official of the Chinese banking and regulatory authority said that the trade war will strike back the United States. Many independent analysts and economists have said that this war will hit back and create problems the U.S economy. But the U.S still stands firm with its decision of levying more taxes on imports from China.
China has retaliated by giving concessions to companies and importers from countries other than the United States. It is also believed that the war is seriously affecting the economies of Japan, Taiwan, and South Korea. Because of heavy reliance on China for the sales of their products, this includes both the raw materials and finished goods.
The global leaders of major economies are going to sit down in the G-20 summit which is just a week away from now. And many investors and stakeholders are hoping for some breakthrough between China and the United States.
It seems a war of nerves more than anything else. And both the nations are trying to play each other out through word power.
Donald Trump initiated the move of renegotiating the trade pacts with trade partners from Asia-Pacific in the year 2017. The ongoing tussle with China is a part of the bigger plan.
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