China readies for trade war

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July 4, 2018 - 11:00 PM

BEIJING (AP) — China says it’s girded for a trade war with the U.S. and can give as good as it gets, but behind the official bravado lies a deep unease over trade friction with Washington.

“There are those who believe the U.S. must lose and China must win,” Li Xiao, a leading economics professor, said in a commencement speech last weekend at northern China’s Jilin University.

“I think this is wishful thinking that defies common sense,” Li said in remarks that circulated widely online this week, praised as a reality check as the world’s two largest economies stood ready to exchange tit-for-tat tariffs on tens of billions of dollars of each other’s goods starting Friday.

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