An editorial by China’s biggest English daily, owned by the state, isn’t taking kindly to Trump in the trade dispute. | Source: Photo by NICHOLAS KAMM / AFP
By CCN Markets: China Daily, an English daily owned by the government of China, criticized the Trump administration for engaging in “poorly thought out China-bashing moves” as the Dow Jones futures fell following the imposition of new tariffs.
“It is time the US administration reconsidered its poorly thought out China-bashing moves. Working to secure a trade deal would be a more fruitful approach, since cooperation benefits both, while the trade war jeopardizes both their interests,” an editorial published by China Daily on September 2 read.
The Dow Jones futures indicate an opening with a 0.3 percent drop after China countered the tariffs of the U.S. by imposing new tariffs on $75 billion worth of U.S. goods.
China not willing to back down, will Dow continue to show weak momentum?
The editorial published by China Daily demonstrated the confidence of the government of China going into the next round of trade talks, emphasizing that a large number of U.S. companies do not intend to move out of the Chinese market.
The report said:
“Despite the expected escalation of the trade friction between the world’s two largest economies, 87 percent of US companies operating in China said they will not move out of the country, according to a survey by the US-China Business Council released on Thursday.”
The state publication, citing the report of J.P. Morgan, said that U.S. businesses and consumers are taking a hit as shown by the performance of the Dow Jones from the tariffs and the trade war between the U.S.