Economy

China Says US Tariffs 'Doomed to Be Futile'

Yongyuan Dai / Getty Images

The Chinese government wants the world to know that it is not just upset about a brewing trade war with the United States. It claims that the United States cannot use tariffs to level the playing field as the Trump administration believes it can because such actions are “doomed to be futile.”

The comments come from the Ministry of Commerce and were reported in the government-controlled People’s Daily. The Chinese government is unwilling to give up on diplomacy, even as it threatens tariffs of its own.

A Ministry of Commerce office was quoted as saying:

We always believe, bad things can be turned into good things, and challenges can be converted into opportunities. We have full confidence in achieving the high-quality economic development target.

In other comments published in the People’s Daily, the government was less conciliatory:

China on Friday announced its decision to impose additional tariffs of four different rates on 5,207 items of imported U.S. products worth 60 billion U.S. dollars. The rates of additional tariffs on such products will be 25 percent, 20 percent, 10 percent, and 5 percent, according to the Customs Tariff Commission of the State Council.

China has adopted a two-pronged approach against the U.S. trade threat. However, the dual efforts do not totally negate one another. China hopes, as the United States does, that harsh tariffs will bring both parties to the bargaining table.

Via its comments to the People’s Daily, the government wants the outside world to look at efforts by the United States as “futile.” It does, however, want to talk.

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today.  Don’t miss these offers because they won’t be this good forever.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.