Hopes for a quick resolution to the ongoing trade war between China and the United States are quickly fading. If anything, tensions are dramatically increasing among Chinese media organizations, many of them closely linked to the government, calling for a “people’s war” against American “greed.”
A harsh editorial was published in the People’s Daily, the mouthpiece of the Chinese Communist Party, claiming that the United States is fighting from a position of “greed and arrogance.” Meanwhile, China is fighting for its “legitimate rights and interests,” according to the piece.
The editorial further stated:
“The trade war in the United States is the creation of one person and his administration who have swept along the entire population of the country. Whereas the entire country and all the people of China are being threatened. For us, this is a real ‘people’s war.’”
The editorial along with numerous statements and actions by government officials and media personalities mark a dramatic escalation in the propaganda war. If nothing else, it’s becoming clear that China won’t be backing down any time soon.
Meanwhile, stock markets around the world have taken a hit. The Dow Jones Industrial Average plummeted by more than 600 points, while the S&P 500 dropped over 2.4 percent on Monday. The Shanghai Composite Index lost only .69 percent, but is still down several hundred points compared to a month ago.
In total, it’s believed that stock markets have lost over $1.2 trillion dollars in value since tensions escalated. President Donald Trump has often used strong stock market performance as evidence of his administration’s ability to manage the economy.