Daily Management Review

China Will Respond 'Resolutely' To US In Trade War: Chinese Minister


08/27/2018




China Will Respond 'Resolutely' To US In Trade War: Chinese Minister
China’s finance minister has said that his country would continue to retaliate against the US if the Trump administration decides to impose more tariffs on Chinese imports.
 
In an interview with the new agency Reuters, the minister said China would respond "resolutely" to the "unreasonable" US measures.
 
A second round of import tariffs on Chinese goods worth $16 billion was imposed by the US last Thursday and those were retaliated by China in kind.
 
There was no major headway made in two days of trade talks in Washington between the two countries. 
 
Since the trade spat started, both the countries have imposed 25 per cent tariffs on each other’s goods for a total of $50 billion of each other.
 
A third round of tariffs have been warned by the Trump administration on Chinese goods worth $200 billion and could be imposed as early as next month. US President Donald Trump has also said could even impose tariffs on the entire of $500 billion of Chinese goods imported into the US. 
 
"China doesn't wish to engage in a trade war, but we will resolutely respond to the unreasonable measures taken by the United States,” Liu said:
 
"If the United States persists with these measures, we will correspondingly take action to protect our interests."
 
So far, there has not been any significant impact on the Chinese economy because of the trade tariffs, he said.
 
China was responding to the US measures in a "precise way", Liu said.
 
"Of course, the value of US imports of Chinese goods isn't the same as the value of Chinese imports of US goods. We'll take tariff measures in accordance to this situation."
 
The Chinese authorities are also trying to make sure that the companies that operate from the country are not impacted by the trade spat.
 
"When we take measures, we try our hardest not to harm the interests of foreign businesses in China. That's why our tariff measures are targeted to avoid affecting them as much as we can."
 
It was in August 2017 that an order to investigate into the trade practices of China was given by President Trump who has for long been critical of China.
 
He has said that the aim of imposing the tariffs was to pressurize China into changing its trade practices.
 
In recent months, some rules have been loosened by China. earlier last week, the Chinese government eliminated limitation on foreign ownership for banks in the country as it had announced last year.
 
However, the White House has maintained that China's changes have not gone far enough.
 
There has however not been any major headway in trade talks between China and the US held last week.
 
The two sides "exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship", said White House deputy press secretary Lindsay Walters.
 
The Chinese delegation had held "constructive and candid" talks on trade issues, said China's Ministry of Commerce in a statement. "Both sides will keep in contact about the future arrangement," it added.
 
(Source:www.bbc.com)






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