A White Paper issued yesterday by the State Council, China's chief administrative authority, blasted the Trump administration for the rapid escalation of the increasingly ruinous trade dispute between both countries.
It said the Trump administration's confusing behavior has seriously damaged economic relations between both countries and is "a grave threat to the multilateral trading system." The State Council flat out accused the Trump Administration of "abandoning the fundamental norms of mutual respect and equal consultation that guide international relations" since it ascended to office in 2017 in pursuit of its America First trade policy.
It said Trump and his men have brazenly preached unilateralism, protectionism, and economic hegemony. They've made false accusations against many countries and regions, particularly China, according to the White Paper.
The Trump White House is also intimidating other countries through economic measures such as tariffs and is attempting to impose its own interests on China using extreme pressure. The White Paper details China's response to Trump's accusation that China is engaging in intellectual property theft that had cost American jobs.
The White Paper minimized the threat China's high tech industry poses to the U.S., clarifying that most of China's exports are low-end or middle-end consumer goods and finished products assembled in China.
It highlighted what the U.S. stands to lose from this trade war, which has no end-date, said White House insiders. The paper pointed out that bilateral trade in goods between China and the U.S. rose to S583.7 billion in 2017, which is more than seven times the amount of trade that existed when China joined the World Trade Organization in 2001.
It noted that American exports to China are growing faster than America's global exports. U.S. exports of goods to China amounted to $129.89 billion in 2017, an increase of 577 percent from $19.18 billion in 2001. The 2017 total was also higher than total U.S. export growth of 112 percent for the same period.
In 2017, Chinese tourists spent a total of $51 billion on travel, study, medical treatments, and other activities in the United States. This apparently means nothing to the Trump administration. Winning the trade war is the only thing that matters.
U.S. Secretary of Defense Mike Pompeo last week bragged the trade war will end when the U.S. wins.
The United States is "going to win it," said Pompeo in reference to the trade war. He also said the U.S. will get an outcome that forces China to behave in a way that if you want to be a power -- a global power -- transparency, rule of law, you don't steal intellectual property.
