Business

China prepared for long trade war with U.S.: state media

Bloomberg

While the U.S. may be trying to resolve trade disputes quickly, China is prepared for a “protracted war” and doesn’t fear sacrificing short-term economic interests, according to Chinese state media.

While China has to defend its right to develop, the Chinese people “really want to avoid a trade war,” Global Times, a typically belligerent tabloid controlled by the People’s Daily, wrote in an editorial on Sunday evening. However, “considering the unreasonable U.S. demands, a trade war is an act that aims to crush China’s economic sovereignty, trying to force China to be a U.S. economic vassal just like (when) Japan accepted the Plaza Accord.”

“Washington has lost its mind on trade,” the newspaper said, noting that China was “key to the survival of many big American companies and American farmers.”

The world’s two biggest economies further escalated trade tensions last week, with China announcing possible additional tariffs late Friday in response to U.S. moves. The U.S. then said it wouldn’t back off.

“In the face of the bullying of the Donald Trump administration, Beijing must remain sober-minded and never let emotion override reason when deciding how to respond,” stated an editorial by the China Daily, the flagship state-run English newspaper. “Given China’s huge market, its systemic advantage of being able to concentrate resources on big projects, its people’s tenacity in enduring hardships and its steadiness in implementing reform and opening-up policies, the country can survive a trade war.”