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In front of Apple store on Beijing’s popular shopping mile wangfujing, long queues are formed this morning despite sultry heat. The Chinese capital counts five of palace-like shops with famous nibbled Apple as a logo. “I want to strike before iphone x gets even more expensive,” says Liu Ziwei. 8,316 Yuan is currently costing basic model, roughly 1,100 euros. If dispute between China and United States continues to escalate, smartphone is likely to become even more expensive, fears 28-year-old. “Then I won’t be able to afford device anymore.”
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There is still not much to be felt about trade war between world’s two largest economies on Beijing’s roads. Starbucks, Levi’s, Gap, Hollister and just Apple – y are present on shopping streets and in shopping malls with ir stores everywhere. And customers don’t lack se us chains eir. But that can change rapidly.
In order to reduce gigantic US trade deficit to China from last almost 60 billion dollars in first quarter alone, US president Donald Trump has already ordered tariffs on Chinese goods in volume of 50 billion dollars in two rounds. China, for its part, has reacted with retaliation, first of all to agricultural products such as tobacco and soya, which are especially intended to meet Trump supporters in states of Midwest. The customs duties imposed on each or have not yet been reflected in consumer industry.
“Veteran of economic warfare”
But now Trump has announced that it will impose tariffs on or goods from People’s Republic worth 200 billion dollars, China should enforce its tariffs against US products. This is supposed to be mainly goods of everyday meeting, i.e. textiles, household items and consumer electronics. That would be Trump’s hardest steps so far to bring China to a barrier. Only: How can China actually punish US with import duties if Chinese do not even introduce so much from United States?
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Nothing is easier than that, says Xie Yanmei, economist at Independent Beijing Research Institute Gavekal Dragonomics. “China is a veteran of economic warfare,” she adds. The leadership in Beijing can rely on years of experience “to exert formal and informal economic pressure.” The subject is by no means only US exports to China. Also business of US companies in China könntenüber corresponding campaigns are very difficult. Xie warns: No US product sold in China will be spared. And no US company that has invested in China can feel safe.
China does not want a trade war, asserts deputy Chinese trade Minister Wang Shouwen. “But we are not afraid of such a war,” he warns. “If anyone wants to fight us, we will be re.” His ministry knows how to take both quantitative and qualitative measures.
To understand what this means in concrete terms, just look at recent past. When 2012 dispute between Japan and China about a few deserted islands in Chinese sea reached a new climax, China’s leaders had to admit only a few Antijapanese demonstrations – cars of Japanese manufacturers were already burning on streets. Toyota and Nissan took years to be able to keep up with world’s largest automarket. And when South Korea allowed US to build missile defense system Thaad on its ground almost two years ago against China’s will, dozens of department stores of South Korean group Lotte had to close in China – supposedly because of violations of Hygiene. The South Korean company has since been knocked down in China.
