On August 24, the United States announced that it would increase the tariff rate on about $550 billion of Chinese imports to the United States, which China firmly opposes. Such unilateral and hegemonic trade protectionism and extreme pressure are contrary to the consensus of the two heads of state, the principle of mutual respect, equality and mutual benefit, and seriously undermine the multilateral trading system and the normal international trade order. They will certainly bear their own fruit. China strongly urges the United States not to misjudge the situation, not to underestimate the determination of the Chinese people, and immediately stop doing wrong, otherwise the United States will bear all the consequences.
Xinhua said that in the context of economic globalization, the United States repeatedly waved tariff sticks, leading to rising costs for importers and consumers in the United States, is a typical self-harm. On the 23rd, the American Chamber of Commerce and major trade associations, such as retail, automobile, oil and agriculture, issued statements refuting tariff escalation measures against China. "The escalating trade disputes have damaged the US energy industry and consumers", "Tariffs will hurt American consumers and the entire automotive industry", "For American farmers, trade war" The pain is intensifying every week "... These American folk voices further prove that "there is no winner in the trade war" and that the act of promoting economic decoupling is doomed to be "a basket of bamboo and a basket of water".
Moreover, as the two top two economies in the world of 10 trillion US dollars, the escalation of economic and trade frictions will aggravate the downside risks of the world economy. The global layout of manufacturing industry is based on the comparative advantages of various countries. Some Americans ignore the common sense of international trade theory to provoke and upgrade economic and trade frictions, which is bound to destroy the existing efficient global value chain, industrial chain and supply chain, and endanger the global economic order. This is a typical historical reversal. Three major U.S. stock indexes fell sharply Wednesday, reflecting concerns about global capital markets. In August, the U.S. Manufacturing Purchasing Managers Index fell below the 50-year high and low line for the first time in 10 years, lighting the red light of the risk escalation of the U.S. recession.
In the face of economic and trade frictions, we do not deny that China's economy will feel pain in the short run, but in the long run, the long-term trend of China's economy has not changed, let alone will not change. For 18 consecutive quarters, the economic growth rate has been running in the range of 6% to 7%, the growth rate of manufacturing investment has rebounded for three consecutive months, the annual task of increasing employment in cities and towns has been completed nearly 80%, and service consumption has maintained double-digit growth. Opening up the latest report card, the solid support and great resilience of China's economy are heartening.