State media emanating out of China is voicing its outrage over recently imposed tariffs place on goods entering the United States. New tariffs were announced on Friday by Donald Trump.
Chinese publications, including the Global Times, wrote op-eds and editorials placing the blame for the “trade wars” between the two nations squarely on President Trump.
“The most important thing is that in the China-US trade war, the U.S. side fights for greed and arrogance…The Chinese side is fighting back to protect its legitimate interests,” the editorial from the Global Times read, according to reporting from Business Insider.
“The trade war in the U.S. is the creation of one person and one administration, but it affects that country’s entire population,” the editorial went on to say. “In China, the entire country and all its people are being threatened. For us, this is a real ‘people’s war.'”
A new study, co-authored by the @WorldBank's chief economist, "concluded the main victims of Trump's trade wars had been farmers and blue-collar workers in areas that supported Trump in the 2016 election." https://t.co/0Bbn7pSMDw
— David Gura (@davidgura) May 8, 2019
The opinion of Chinese news media should worry many in Washington, as they’re largely considered to be the voice of the state’s Communist Party.
The trade wars between the U.S. and China don’t seem to have an end in sight. On Friday, Trump imposed $200 billion worth of additional tariffs on China after negotiations between Washington and Beijing broke down earlier this month. China responded by announcing $60 billion worth of tariffs of its own, to begin on June 1.
The Trump administration is further threatening to impose an additional $300 billion of tariffs, according to the Washington Post, if China doesn’t agree to trade terms the U.S. desires — a move that could impose a total of half a trillion dollars of tariffs on Chinese goods entering the country, representing nearly all of the trade between the two countries in terms of what enters the U.S.
Investors on Wall Street reacted negatively to the rising tensions on Monday. The Dow Jones Industrial Average, for example, tanked by hundreds of points, per reporting from the New York Times, as a result of the rhetorical barbs traded over the past few days.
The stock market has seen a mix of outcomes since January 2018, when Trump’s signature tax cuts were imposed. Prior to that time, the market had done fairly well under the current president’s watch, a trend that began under his predecessor and continued into Trump’s tenure.
But since the start of 2018, Wall Street has been less smooth, with stock prices going up and down, sometimes the result of Trump-related factors, including the trade wars as well as the longest-lasting government shutdown in U.S. history, which came about due to Trump’s demands for funding a wall on the U.S. southern border.
The Dow Jones closed at 25,324.99 points on Monday — just 29 points higher than where they started at on January 5, 2018.