China’s President Xi Jinping is comparing the trade conflict between his country and the U.S. to a brawl, in comments to a group of U.S. and European businessmen, saying his country will ‘punch back’ against the tariffs the U.S. is implementing.
“In the West, you have the notion that if somebody hits you on the left cheek, you turn the other cheek. In our culture, we punch back,” he said, participants at a private meeting held on Thursday told the Wall Street Journal. The meeting included officials from Volkswagen, Hyatt Hotels, and Goldman Sachs, among others.
This month, President Trump announced an additional $400 billion in tariffs against China, on top of a previous $50 billion in tariffs previously implemented. The U.S. has accused China of predatory practices, arguing it uses deals with U.S. companies to coerce them into turning over technology. The tariffs are being carried out under Section 301 of the Trade Act, which covers national security. The administration is also considering preventing China from investing in U.S. companies.
China has responded by threatening retaliatory tariffs heavily tilted toward agriculture and energy, an apparent effort to pressure the White House by hurting states that voted for Trump in the 2016 election.
At the meeting Thursday, the Chinese president argued his country could weather the U.S. moves by stepping up trade with other countries. “If one door closes, another will open,” he was quoted as saying.
