China has warned Donald Trump to “stop whining” about being a victim over tariffs in the escalating trade war between the two nations.
It comes as the president claims the U.S is “taking in RECORD NUMBERS in Tariffs” which was helping fight inflation, after he raised import duties on nearly all trading partners. However, it is Beijing that is facing the most stringent measures. The U.S, which raised duties on Chinese products to 145 per cent and has has tightened export rules – with computer chip manufacturing giant Nvidia among those affected.
China, which raised tariffs on U.S goods to 125 per cent, has reportedly told airlines to halt ordering Boeing jets and other U.S aircraft parts. In an editorial on Wednesday, state media outlet China Daily said the U.S. “should stop whining about itself being a victim in global trade”.
Chinese President Xi Jinping is continuing his tour of South East Asian countries which will be among the worst hit by the higher reciprocal duties announced but later paused by Trump.
Nvidia to take $5.5 billion hit as U.S restricts sales to China
Major U.S chipmaker Nvidia says it will take a $5.5 billion hit after the U.S government limited exports of its most advanced product to China.
A U.S Commerce Department spokesperson said it was issuing new licensing requirements for chip exports, including Nvidia’s H20, AMD’s MI308 and equivalents.
“The Commerce Department is committed to acting on the President’s directive to safeguard our national and economic security,” the spokesperson said.
The H20 is Nvidia’s most advanced chip available for sale in China, but on Tuesday the company said the government was restricting its sales because of the risks the chips could be used in a supercomputer.
Nvidia’s shares were down about 6 percent in after-hours trading.
Trump claims U.S taking ‘record’ tariffs
Donald Trump claims the U.S is taking in record tariff revenue, which is helping to bring inflation down.
“The United States is taking in RECORD NUMBERS in Tariffs, with the cost of almost all products going down, including gasoline, groceries, and just about everything else,” he wrote on social media.
“Likewise, INFLATION is down. Promises Made, Promises Kept!”
U.S ‘should stop whining’ over trade: Chinese media
China’s official media outlet the China Daily said they U.S “should stop whining about itself being a victim in global trade”.
In an editorial published on Tuesday evening, the outlet said Donald Trump’s “constaint refrain” that trading partners were ripping America off was a fabrication.
“The US is not getting ripped off by anybody. The problem is the US has been living beyond its means for decades,” the editorial said.
“It consumes more than it produces. It has outsourced its manufacturing and borrowed money in order to have a higher standard of living than it’s entitled to based on its productivity. Rather than being ‘cheated’, the US has been taking a free ride on the globalization train.”
The editorial continued: “The US should stop whining about itself being a victim in global trade and put an end to its capricious and destructive behavior. Instead, it should commit itself to working with its trading partners to establish a fair, free and WTO-centered multilateral trading system that is in line with the times.”
Source: independent.co.uk
