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China finance minister calls Trump 'irrational type' after trade proposal China finance minister calls Trump 'irrational type' after trade proposal
(4 months later)
The Chinese finance minister, Lou Jiwei, has criticized Donald Trump, calling him “an irrational type” due to the Republican presidential frontrunner’s proposal that tariffs on imported Chinese goods be increased to up to 45%.The Chinese finance minister, Lou Jiwei, has criticized Donald Trump, calling him “an irrational type” due to the Republican presidential frontrunner’s proposal that tariffs on imported Chinese goods be increased to up to 45%.
In an interview with the Wall Street Journal published on Sunday, Lou said: “Trump is an irrational type. If he were to do this, that would be in violation of the rules set by the World Trade Organization.”In an interview with the Wall Street Journal published on Sunday, Lou said: “Trump is an irrational type. If he were to do this, that would be in violation of the rules set by the World Trade Organization.”
Lou said that if the US put Trump’s proposal into effect, it “would not be entitled to its position as the world’s major power. The US needs to recognize that the US and China are mutually dependent on each other. Our economic cycles are intertwined.“Lou said that if the US put Trump’s proposal into effect, it “would not be entitled to its position as the world’s major power. The US needs to recognize that the US and China are mutually dependent on each other. Our economic cycles are intertwined.“
He acknowledged that rhetoric in a US presidential campaign can become heated.He acknowledged that rhetoric in a US presidential campaign can become heated.
On Sunday, Trump again asserted that China has waged “economic war” against the US.On Sunday, Trump again asserted that China has waged “economic war” against the US.
Related: Trump hammers China while using its immigrants' money to build tower
“They’ve taken our jobs, they’ve taken our money,” the billionaire businessman said at a campaign rally in Staten Island, New York. “We can’t continue to be ripped off like we’re being ripped off.”“They’ve taken our jobs, they’ve taken our money,” the billionaire businessman said at a campaign rally in Staten Island, New York. “We can’t continue to be ripped off like we’re being ripped off.”
At a Republican presidential debate last month, Trump said China would not allow free trade or US manufacturers to compete freely.At a Republican presidential debate last month, Trump said China would not allow free trade or US manufacturers to compete freely.
“The 45% [tariff] is a threat that if they don’t behave, if they don’t follow the rules and regulations so that we can have it equal on both sides, we will tax you,” he said.“The 45% [tariff] is a threat that if they don’t behave, if they don’t follow the rules and regulations so that we can have it equal on both sides, we will tax you,” he said.
Senator Ted Cruz, Trump’s closest challenger, has criticized the 45% tariff proposal, saying in the same debate that it would be passed on to US consumers.Senator Ted Cruz, Trump’s closest challenger, has criticized the 45% tariff proposal, saying in the same debate that it would be passed on to US consumers.
“How does it help you to have a president come and say … I’m going to put a 45% tax on diapers when you buy diapers, on automobiles when you buy automobiles, on clothing when you buy clothing,” he said. “That hurts you.”“How does it help you to have a president come and say … I’m going to put a 45% tax on diapers when you buy diapers, on automobiles when you buy automobiles, on clothing when you buy clothing,” he said. “That hurts you.”
The US reported a $366bn trade deficit with China in 2015, up from $343bn in 2014 – the largest US trade imbalance with any nation. The deficit was up nearly 12% in the first two months of 2016, to $57bn. China is the US’s largest trading partner.The US reported a $366bn trade deficit with China in 2015, up from $343bn in 2014 – the largest US trade imbalance with any nation. The deficit was up nearly 12% in the first two months of 2016, to $57bn. China is the US’s largest trading partner.