Chinese newspaper: Trade tensions due to weakening US hegemony
(Baonghean.vn) - On August 10, the People's Daily - the official newspaper of the Chinese Communist Party - published an article affirming that the increasing trade tensions between the US and China are due to fears that China is now the leading challenge to US global hegemony.
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| Illustration photo: Reuters |
China said this week it would impose an additional 25% tariff on $16 billion worth of US imports in retaliation for US tariffs on Chinese goods.
The move is the latest escalation in tit-for-tat trade tensions between the two countries, as US President Donald Trump aims to pressure Beijing into making concessions.
However, in an article, the People's Daily asserted that China's rapid economic growth and its position as a global trade hub are "basic realities" that must be taken into account when examining the frictions between the world's two largest economies, as Beijing emerges as an "unprecedented rival" to the United States.
“No matter what China does, in the eyes of the US, China's development has 'damaged US supremacy',” the newspaper wrote.
“To counter this kind of ‘rival’, the US must adopt two measures – first, use the rival to encourage itself and galvanize huge political support for ‘making America great again’, and second, curb the rival’s superiority at all levels,” the newspaper added.
The article was a response to claims that tough trade measures imposed by the US were provoked by China's “strategic overconfidence”.
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