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China declared its readiness to shoulder the economic consequences of the trade war, in response to US President Donald Trump's claims that he has the upper hand in the trade dispute.
China is ready for a long and protracted war and does not fear to sacrifice short-term economic interests, according to The Nationalist Global Times. In view of the unreasonable American demands, the trade war is an act aimed at crushing China's economic sovereignty in an attempt to force Beijing to become an economic subsidiary of the United States.
The State Administration of Foreign Exchange in China disclosed a deficit in the current account during the first half of this year due to the strong domestic need for external services.
Whereas the current account deficit hit $ 28.3 billion in the January-June period while China's services trade recorded a deficit of $ 147.3 billion in the first six months of this year, while the first-trimester deficit was $ 73.6 billion.