China has ramped up its anti-American rhetoric, warning US farmers would be the ones who suffer the fallout of a full-blown trade war[1] between the world's two biggest economies, while offering to join forces with Europe to fight Donald Trump's "protectionism".
Stockmarkets in the region recovered on Thursday, although investors remain concerned about the prospect of a full-blown trade war between China and the United States. China's Commerce Ministry indicated Beijing would not back down from earlier threats to retaliate against the US president's threat to slap tariffs on an additional $US200 billion worth of Chinese goods.[2]
China has also showed willingness to work more closely with the European Union, which has also become embroiled in its own trade dispute with the Trump administration. China said on Thursday it would hold a trade summit with the European Commission on June 25 to promote bilateral economic and trade cooperation. "China and Europe will join hands to fight against protectionism and unilateralism," a spokesman for China's Commerce Ministry said.
China on Thursday also reiterated its criticism of Mr Trump's latest salvo in the tit-for-tat trade dispute, accusing Washington of "extortion" and threatening to stand its ground in a dispute expected to hurt the economies of both countries.
"The unilateral protectionism measures by the US will ultimately hurt the interests of US enterprises, American workers and American farmers," the Commerce Ministry said, accusing the US of waving a "big stick" over China..
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"We are against this kind of extortion. The US is abusing the use of tariffs. It will bring serious damage to the international trading order."
China's central government earlier in the week urged the country's retail shareholders not...