China Declares Trade War Victory: Gloats At US “Suffering” After “Crushing Counterattack”
by Tyler Durden
ZeroHedge.com
Thu, 04/05/2018
Barely a day after China dropped the hammer on US stock markets by unveiling retaliatory tariffs on $50 billion in US imports that – unlike US measures that mostly targeted obscure industrial products – actually struck at key industries like soybean farmers, automobiles and airplanes, the Communist Party crowed about what it already sees as its “victory” in the nascent trade war in an editorial published by the Global Times, China’s state-owned, English-language tabloid and extremely hawkish party mouthpiece.
In the editorial, China swatted away US claims – repeated most recently by Larry Kudlow during this morning’s interview with Fox Business’s Maria Bartiromo – that China has somehow victimized the US via its trade agreements while gloating about the leadership’s decision to strike at a “massive weak spot” for the US economy.
While the tit-for-tat tariffs could hurt both economies, the damage to China’s economy caused by the US’s Section 301 tariffs will “pale in comparison to the damage done to the US economy via China’s retaliations.”
And just to illustrate that point, literally, a Chinese cartoonist showed that another way Beijing will hurt the US is by a “stockmarket squeeze.”
Furthermore, in standing up to America’s “bullying tactics”, China warns that the pleasure the US had derived from its sanctions in the past “will now cause them suffering as their financial and political gains diminish to zero.”
The Rest…HERE
