The Chinese Envoy in Nigeria, Dr Zhou Pingjian has condemned the Trade War being orchestrated by the United States President, Donald Trump, saying the move will be counterproductive. According to Dr Pingjian, the Trade Bullying started, when on July 6, President Trump decided to impose 25 per cent tariffs on US$34 billion worth of Chinese goods. Again, on July 11, Trump reinforced his desire to provoke a Trade War with China, with the announcement of a tariff list on Chinese products worth US$200 billion. He wondered how the Trump Administration intends to drive his quest for Trade War with China and the rest of the world. The last straw that broke the Camel’s back in the trade altercation, according to Pingian, was in July 20, when the US threatened to impose fresh tariffs on all US$500 billion worth of Chinese imports.
He declared that China was not interested in any trade war with the US. “China’s position regarding the Trade War willfully ignited by the US remains firm and clear. China doesn’t want a Trade War, but is not afraid of and will fight one when necessary. “Threats and intimidation will never work on China. China is capable and confident in safeguarding the interests of the Chinese people. “The US should be advised to remain calm and handle the relevant issue with a rational attitude. Trade bullying will only backfire.” Dr Pingjian gave further insight into the US trade grouse with China. He explained that, the large trade deficit between China and the US was not the making of China, rather, is determined by market forces.
“The complain of the US against China that is centred around trade deficit is not logical. “The large trade deficit America runs with China does not mean unfair flow of trade, as it is determined by the market forces.” He maintained that, trade deficit does not mean that the US is losing, insisting that the accusation of unfair trades practices against China was unfounded.
“China has never deliberately sought a trade surplus. Having a trade deficit does not mean the U.S. is losing. It is an erroneous accusation that China has been long engaging in unfair trade practices which have benefited itself and shortchanged the US. “Let me take the Apple as example. When an iPhone assembled in China arrives in the US, it is recorded as an import at its factory cost of about US$240, which is added to the US-China trade deficit by the U.S. side.
“China, however, earns just about US$8.46, or 3.6 per cent of the total factory cost or less than 1 per cent of the value in terms of retail price in the transaction, while most of the profits go straight to the coffers of Apple Inc. and high-tech enterprises of other countries on relevant industrial supply chains.” He also cited example of made in China suits, which he argues benefits the US more than China. “Take the Made-in-China suit. When China exports a US$450 worth of business suit to the US, China gets 5 per cent of the profit while the US gets 84 per cent. Can these figures be cited to prove that the US is shortchanged in its trade deals with China?”
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