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00:00:02
>> Beijing's state run mouthpiece painting a trade war with Washington as a lose, lose situation on Wednesday. An editorial in the overseas edition of the People's Daily warning Donald Trump that both sides would suffer if that's what it came to. The US President has been leveling his economic sights at Beijing as part of his America First policy.
00:00:22
And as Reuters Sue-Lin Wong reports, some experts believe there's truth in the line from Beijing.>> President Trump has threatened to slap a 45% tax on Chinese imports. But economists say that this could really hurt American consumers. For example, a lot of Walmart's products come from China. And so a tax on these kinds of products into the US could be passed down to the American consumer.
00:00:44
Another example popular among economists are iPhones. If there was a tax to be put on iPhones because they're coming from China, that also might mean that the price of iPhones in the US would go up. The flipside is China is the world's most populus country with 1.4 billion customers, a market that US companies really can't afford to ignore.
00:01:04
And so any kind of trade war would also impact US multi-nationals.>> A separate state media editorial went beyond business too. Trying to make the case that backing off free trade could hurt America's political place in the world.>> The Global Times, which is a state run tabloid, made the argument that if the US, as the world's most powerful country and main rulemaker, cannot benefit from the existing world order, that it's not going to benefit from a more chaotic one.
00:01:34
Which is the direction President Trump seems to be taking the global economy in.>> China's ambassador to Washington went one step further Wednesday telling state media China cannot take over as the sole global leader writing the rules of trade. But after Trump dramatically pulled out of the Trans Pacific Partnership on Monday, some argued that's what it could end up becoming, whether it likes it or not.
00:01:57
>> Thank you very much.