Chinese Communist Party journal Qiushi (Seeking Truth) released an editorial on Sunday, detailing how the ongoing China-U.S. trade war will hurt the United States more than its counterpart.
According to Reuters, the editorial piece stressed that the Chinese government will not bow to U.S. demands as long as the requests are contradicting China's major principles and standards.
The journal further argued that the tariff impositions will not weaken China. Instead, it will only push the Chinese community towards patriotism and unity in the battle against powers trying to leave the Asian nation with no choice but to "fight it out till the end."
The U.S. said China reneged on initial agreements leading to the trade deal. The White House also accused the Chinese of intellectual property theft but the latter has repeatedly denied the allegations.
Due to the tensions, both countries have slapped tariffs on each others' goods, with the U.S. starting the tariff spat. At this point, the journal said China is ready for what is to come, whether the trade spat is concluded soon or it extends for months or years more.
"No one, no force should underestimate and belittle the steel will of the Chinese people and its strength and tenacity to fight a war," the editorial stated firmly.
The journal went on to warn the United States of increased manufacturing costs for American businesses as well as consumer inflation issues. The U.S. has repeatedly said China will suffer more than the American economy will.
However, multiple sectors have already expressed concerns about the long-term effects of its trade war with China. Over the weekend, over 600 firms rallied to request U.S. President Donald Trump to make a resolution to the problem soon.
In a letter to Trump, companies, including Target and Walmart, national campaign Tariffs Hurt the Heartland urged the American chief to put an end to the tariff spat that has been impacting U.S. dealings with Chinese firms and suppliers.
"An escalated trade war is not in the country's best interest, and both sides will lose," the letter stated, confirming earlier concerns from economists regarding the equal consequences that both China and the U.S. will be faced with if tensions ensue.
Trump said last week that he is expecting to meet Chinese President Xi Jinping at this month's G20 Summit in Osaka, Japan. Beijing has yet to officially confirm if Xi will attend the conference or if a delegation without him will attend the meetings.
Economists noted that the call on Trump to stop plans to further expand tariffs on another set of billions in Chinese goods is a clear indication that American companies are starting to feel the heat of the trade war.
Multiple U.S. firms from various sectors said through the media that they are expecting to lose business if tariffs keep getting slapped on Chinese goods and Beijing is forced to retaliate yet again.
The first set of tariffs may not have impacted American businesses much but the second has started burning through different industries and the plan to impose a third batch of tax duties is expected to hurt in "enormous" ways.
