US, China trade war stupid


The trade surpluses enjoyed by China are attracting more and more criticism overseas and are at the origin of an escalation of the trade conflict with Washington, which has seen the two parties to impose customs duties, punitive damages of hundreds of billions of dollars of goods.

As reported by Bloomberg, co-founder of Chinese mega-company Alibaba and China's richest person, Jack Ma, is weighing in on the US-China trade war reality, which Ma warns could last twenty years.

President Xi Jinping opened the China International Import Expo earlier yesterday with a vague pledge to widen access to his country's economy, as Beijing faces growing impatience from trading partners.

The e-tail tycoon, who had previously announced his intention to retire in a year's time to focus attention on philanthropy, said China's plans to reinvent itself as an importing nation would trigger resistance from vested interests.

China's services imports stood at $468 billion in 2017, according to data from the Ministry of Commerce.

The US and European Union business lobbies in China, and the French and German ambassadors to Beijing, last week called on China to use the expo to announce concrete change, saying it too often fails to deliver on promises. "It's a great opportunity for the world", he said. China has also threatened retaliation affecting several hundred billions of imports from the US. President Trump blames the trade deficit for a host of USA economic ills including rising unemployment, which was one of the key issues he raised as an election issue.

In September, he blamed it for derailing his highly ambitious promise to create 1 million new USA jobs.

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"My view is, "Don't worry about technology", Ma added.

"I never see young people worry about technology".

Ma argued on Monday that the goal of trade should be to promote peace and communication rather than conflict, and that the rise of protectionism is misguided. Trade is to communicate.

Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries.

The chinese president also delivered on this occasion in a veiled criticism of the trumpisme, denouncing the "protectionist", "isolationist" and "the law of the jungle".

Xi noted the exhibits from all the countries are various and distinctive, and he expected all sides to take the advantage of CIIE to discover market opportunities, enhance cooperation and improve their competitiveness, so as to achieve mutual benefits from exporting quality products that can enrich the Chinese market and satisfy the increasingly diversified demands from Chinese consumers.