Trade war has not made America great again: China

China said Washington’s escalating trade war with Beijing has not “made America great again” and has tarnished the American economy.

The trade dispute between Washington and Beijing revived last month when the latest round of talks ended without any conclusive plan of action. (Photo: Reuters

As the trade war continues to escalate between the United States and China, the latter has slammed US President Donald Trump for damaging the economy.

China said Washington’s escalating trade war with Beijing has not “made America great again” and has tarnished the American economy.

The country further clarified that it wants resolution through talks but it will not compromise on core principles.

The comments emerged in a white paper released by the Chinese government just a day after it imposed tariffs ranging from five to 25 per cent on $60 billion worth of US goods. Just a few days ago, Washington raised duty on US200 billion in Chinese goods to the tune of 25 per cent.

The paper said: “The (US tariff measures have not boosted American economic growth. Instead, they have done serious harm to the US economy.”

Explaining the consequences of the trade war, the paper said US faces threat of increased production costs and consumer prices, which will finally lead to a slowdown in growth.

The trade dispute between Washington and Beijing revived last month when the latest round of talks ended without any conclusive plan of action.

China also warned that the US will be responsible for any global economic slowdown, accusing the Donald Trump administration of “repeatedly changing” demands and of making reckless allegations about Beijing’s conduct.

The economic tussle between the two largest economies in the world has led to tensions in the global market as trade worth billions of dollars has been affected.

With the trade conflict growing over the past few weeks, it seems that the consequences of the tussle could lead to a major economic depression if a solution is not agreed upon soon.

(With inputs from agencies