Beijing forcefully denounced President Donald Trump’s decision Thursday to impose tariffs on billions of dollars in Chinese goods, accusing him of putting the two economies on course for a trade war.
“If a trade war were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures,” China’s embassy in Washington said in a statement.
“We urge the US to cease and desist,” the embassy said, warning that by endangering China-US trade relations Washington will “eventually end up hurting itself.”
In the latest in a series of aggressive moves on trade, mostly targeting China, Trump authorized new sanctions on up to $60 billion of Chinese imports to retaliate against “theft” of American intellectual property.
The tariffs and the goods targeted will be identified in the coming weeks, but Trump said they could be as high as 25 percent – what he called a “reciprocal tax.”
The embassy’s statement was issued moments after markets closed on Wall Street but investors had already taken Trump’s move as a bad omen, with the benchmark Dow Jones Industrial Average falling more than 700 points amid fears of a tit-for-tat trade confrontation.
Washington accuses Beijing of forcing US companies to enter joint ventures and transfer technology and trade secrets to their Chinese partners. At the same time US companies are not able to license intellectual property in China.
US officials also allege China has hacked US networks and conducted industrial espionage to steal intellectual property.
The embassy said China had shown “sincerity in making reasonable suggestions” and made “great efforts” to deal with the current trade imbalance with the United States.
The United States recorded a record $337.2 billion trade deficit with China last year, and Trump demanded it be reduced by $100 billion.
For the second time in a month, events in Washington whipped anxiety that Trump’s “America First” confrontations with major trading partners were headed toward full-scale trade conflict.
But Commerce Secretary Wilbur Ross suggested the new measures on intellectual property were in fact a way of bringing Beijing to the table, calling them “the prelude to a set of negotiations.”
Fox News reporter and right-wing conspiracy theorists planned to wiretap family of slain DNC staffer Seth Rich: report
The Daily Beast on Monday evening broke a bombshell report on a secret 2017 meeting in Texas on a right-wing conspiracy theory where espionage was discussed.
"One of their topics was responding to online critics of wealthy Texas businessman Ed Butowsky, who had recently been outed as a driving force behind a retracted Fox News story about murdered Democratic National Committee staffer Seth Rich," The Beast reported. "The group that gathered at Butowsky’s home included a conspiracy theorist, a Fox reporter fighting for her career, a former private intelligence contractor married to star journalist Lara Logan, and a Democratic PR operative who lost his business in the face of sexual assault allegations."
Maddow breaks down potential ‘direct financial connection’ between the Russian government and Donald Trump
MSNBC anchor Rachel Maddow read bombshell excerpts from a new book set for release on Tuesday.
The host interviewed David Enrich, finance editor at The New York Times, about his forthcoming book Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.
The host of "The Rachel Maddow Show" read excerpts from the book.
"There was no doubt that Deutsche Bank had extensive business dealings with Russia, and those dealings included acting as a conduit for dirty money to get out of Russia and into the western financial system," Enrich wrote.
Congress still has one big tool left to rein in Trump’s corruption: Oversight Committee Democrat
Senate Republicans may have managed to quash the impeachment trial without calling forth any new witnesses or seriously considering the evidence against President Donald Trump. And the president may feel vindicated and largely invulnerable as a result.
But, Rep. Raja Krishnamoorthi (D-IL) told CNN's Anderson Cooper on Monday, that doesn't mean Democrats don't have one last big play to rein in the president's abuses of power. They can use the first and strongest authority delegated to them: the power of the purse.
"What can Democrats really do when it comes to oversight of the president?" asked Cooper. "I mean, now that impeachment is over, does seem like there are fewer and fewer guardrails, if any."