DW: Beyond the trade war, US and China fight for economic supremacy

China has responded to Donald Trump’s imposition of tariffs, while he considers adding more tariffs:

July 6, 2018

WASHINGTON/BEIJING —

U.S. tariffs against Chinese imports took effect early Friday, a day after President Donald Trump made clear he is prepared to sharply escalate a trade war between the world’s two biggest economies.

The administration started imposing tariffs at 12:01 a.m. Eastern time Friday on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

China responds

Shortly after the tariffs took effect, China said it was “forced to make a necessary counterattack” to a U.S. tariff hike, but gave no immediate details of possible retaliation.

Later the Chinese foreign ministry confirmed retaliatory tariffs on U.S. goods “took effect immediately” after Washington raised import duties on its goods.

A foreign ministry spokesman, Hu Chunhua, on Friday gave no details of the increase. But Beijing previously issued a $34 billion list of American goods, including soybeans, electric cars and whiskey, it said would be subject to 25 percent tariffs.

The Commerce Ministry on Friday criticized Washington for “trade bullying” following the tariff hike in a spiraling dispute over technology policy that companies worry could chill global economic growth. https://www.voanews.com/a/trump-tariffs-china/4470206.html

6 July 2018

US tariffs on $34bn (£25.7bn) of Chinese goods have come into effect, signalling the start of a trade war between the world’s two largest economies.

The 25% levy came into effect at midnight Washington time.

China has retaliated by imposing a similar 25% tariff on 545 US products, also worth a total of $34bn. …

Mr Trump has already imposed tariffs on imported washing machines and solar panels, and started charging levies on the imports of steel and aluminium from the European Union, Mexico and Canada.

He has also threatened a 10% levy on an additional $200bn of Chinese goods if Beijng “refuses to change its practices”.

The president upped the stakes on Thursday, saying the amount of goods subject to tariffs could rise to more than $500bn.

“You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200bn in abeyance and then after the $200bn, we have $300bn in abeyance. OK? So we have 50 plus 200 plus almost 300,” he said. https://www.bbc.com/news/business-44707253

6 July 2018

The Chinese government said that it was “forced to counterattack” against US punitive tariffs on its imports, which went into effect early on Friday.

A statement from the Chinese Commerce Ministry denounced US actions as “a violation of world trade rules” and warned that the current dispute between both countries was launching the “biggest trade war in history.”

Speaking hours after the tit-for-tat duties went into effect, Chinese Premier Li Keqiang said no one would emerge a winner from a trade war.

“Trade war is never a solution,” Li said at a news briefing with Bulgarian Prime Minister Boyko Borissov in Sofia.

“China would never start a trade war but if any party resorts to an increase of tariffs then China will take measures in response to protect development interests.” https://www.dw.com/en/china-warns-of-biggest-trade-war-in-history-vows-counterattack-against-us-tariffs/a-44548419

So, China calls this the biggest trade war in history.

Trade wars tend to increase prices and affect jobs. Basically, that is the point.

China, itself, would like to dominate the world–perhaps even more than Donald Trump wants for the USA.

China is really concerned that a trade war will hurt it and its ambitions.

The German Deutsche Welle reported the following:

Beyond the trade war, US and China fight for economic supremacy

6 July 2018

The current trade conflict is only the most visible sign of a much bigger battle in the epochal race for power, domination and supremacy in the 21st century. What we’re witnessing is the clash of two geopolitical giants, a clash between “America First” and “Made in China.”

Will the United States remain the measure of all things like it has been over the past 150 years, and will the American way of life remain modernity’s gold standard? Or will China be back as the strongest economic power, with Beijing believing that’s the way it should be? For centuries on end, until less than 200 years ago, China was indeed way ahead of the rest economically. …

for Trump, there’s only one adversary standing in the way: China. All other nations are small fish in this geopolitical battle. It doesn’t matter to him whether or not G7, G8 or G20 heads of state and government meet for summits that get a lot of media attention. For Trump, it’s always been just G2 — the US and China. …

From trade war to currency war

It’s not by chance but a very logical thing economically that the Chinese currency, the yuan or renminbi, has lost 7 percent of its value against the dollar within only a couple of weeks. Devaluation is a mighty protectionist tool as it renders punitive tariffs virtually harmless. …

A currency war is the continuation of a trade war with heavy-calibered weapons, turning the WTO into a toothless tiger as it does not have any instruments to counter depreciation schemes. …

Regionalism no way out

The de facto end of the multilateral economic order results in European interests becoming a plaything for the G2 protagonists. …

It’s high time to look for new approaches beyond a global free trade system, non-discrimination or the principle of reciprocity. What Europe needs to understand first of all is that regionalism is highly counterproductive. None of the individual countries in the EU including Germany and France has any significant clout on its own in a world of G2 power supremacy. Only by sticking together will Europe have a chance to make its voice heard and protect its own interests against an “America First” strategy and an economic and military heavyweight in Asia. https://www.dw.com/en/opinion-beyond-the-trade-war-us-and-china-fight-for-economic-supremacy/a-44545382

In terms of a currency war, yes yuan devaluation will appear to help China for a time. But China also has as a long-term goal the elimination of the US dollar as the world’s primary reserve currency. Earlier this year, China launched a future’s item that has been called the Petro-yuan. Its intent is to increase the economic influence of China while also reducing the primacy of the US dollar for international trade (watch also US Dollar being challenged by Gold-Petro-Yuan). It is also persuading more nations to use its currency in trade. Some countries like Iran, because of US led sanctions, feel they have little choice but to cooperate with China. Plus, China’s other projects, like its Silk Road Initiative will add pressure to other nations to look more favorably towards its currency.

Despite all of that, the Bible shows that eventually, the Europeans, not the Americans or Chinese will end up dominating the world economy.

The Bible shows that Europe will reorganize:

12 “The ten horns which you saw are ten kings who have received no kingdom as yet, but they receive authority for one hour as kings with the beast. 13 These are of one mind, and they will give their power and authority to the beast. (Revelation 17:12-13)

These European ten kings have no kingdom, but are to attain one (for proof this is referring to Europe, watch Can You Prove that the Beast to Come is European?). Thus, this is a type of reorganization of Europe in verse 12. Since they give their power to the Beast in verse 13, this is a second reorganization. The “beast” is not shown to have massive power prior to Revelation 17:12-13.

The Bible shows that Europe will rise up (Revelation 13:1-10) and dominate trade:

2 … Babylon … 3 For all the nations have drunk of the wine of the wrath of her fornication, the kings of the earth have committed fornication with her, and the merchants of the earth have become rich through the abundance of her luxury. (Revelation 18:2,3)

The rhetoric and actions of the Trump Administration are pushing the Europeans to take notice and pursue ways that will increase European influence. China will end up cooperating more with Europe than either the Chinese and Europeans tend to currently think.

The end of the Anglo-American order and dominance of world trade is getting closer.

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