US-China trade war escalates as Beijing issues white paper amid Trump's heavy tariffs
PTC News Desk: China has released a white paper criticising the US for imposing tariffs on over USD 500 billion worth of Chinese exports since 2018, calling it a form of "unilateralism and protectionism" that undermines global trade cooperation.
China's State Council Information Office on Wednesday released a white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations." The paper alleged that friction in trade between the US and China has significantly impeded normal economic and trade cooperation between the two countries.
The move comes after US hiked tariff imposition on China to 104 % marking a significant escalation in trade war. During a press briefing, White House Press Secretary Karoline Leavitt emphasised that it was a "mistake" for China to retaliate against the US, asserting that when America is challenged, the response is forceful and unyielding.
The paper asserted that these measures will have severe consequences for bilateral economic and trade relations between the two nations.
The tariff hike consisting of a 20 per cent tariff levied in March, followed by another 34 per cent last week and an additional 50 per cent confirmed this week - is among the most aggressive US trade actions recently.
- PTC NEWS
