China appealed to the United States to meet it halfway to salvage a deal that co...
BEIJING - China appealed to the United States to meet it halfway to salvage a deal that could end their trade war, with its chief negotiator in Washington for two days of talks hoping to stave off U.S. tariff increases set to be triggered on Friday.
A protracted trade war between the world’s two largest economies would be damaging for global economic growth, and investors pulled their money out of stock markets this week as fears that the prospective agreement was unraveling. “China’s attitude has been consistent, and China will not succumb to any pressure,” Gao said. “China has made preparations to respond to all kinds of possible outcomes.”The U.S. Trade Representative’s office said tariffs on $200 billion of Chinese goods would rise to 25 percent from 10 percent at 12:01 a.m. on Friday, during the talks in Washington.
Based on 2018 U.S. Census Bureau trade data, China would only have about $10 billion in U.S. imports left to levy in retaliation for any future U.S. tariffs, including crude oil and large aircraft. “China is well-prepared for an escalation in trade tensions. A variety of plans are in place, such as countermeasures for any tariff rise, and favorable policies to minimize losses for Chinese enterprises,” the Global Times, a tabloid published by the ruling Communist Party’s People’s Daily, said in an editorial.The country’s share markets have taken a battering due to the renewed trade tensions, however.
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