The trade war is escalating at a particularly sensitive time in the Chinese political calendar.
By Anna Fifield Anna Fifield Beijing bureau chief. Email Bio Follow May 10 at 7:09 AM BEIJING — China is digging in for a new battle in its trade war with the United States, declaring Friday that it has no choice but to “take necessary countermeasures” against increased tariffs on its goods.
The escalation could hardly have come at a worse time for President Xi Jinping and his ruling Communist Party. Nerves are running so high that party organs are constantly being told to “guard against color revolutions,” the observer said, referring to the popular uprisings that toppled leaders in former Soviet states including Georgia and Ukraine. “Everything is related to China’s internal politics,” he said.
“I don’t see a short term resolution in the making,” said Paul Haenle, a former China director on the National Security Council who now runs the Carnegie-Tsinghua Center in Beijing. Chinese stock markets, after suffering big losses earlier in the week, actually gained on Friday. The Shanghai Composite Index rose 3.1 percent and the Shenzhen Component Index gained 4 percent.
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