China says fully prepared for US threats on escalating trade war | The Indian Express

China says fully prepared for US threats on escalating trade war | The Indian Express

China says fully prepared for US threats on escalating trade war

China's Foreign Ministry spokesperson Geng Shuang said at a press briefing that President Trump's threats at "blackmail" would fail.

By: Express Web Desk | Beijing | Updated: August 2, 2018 4:16:05 pm

The Chinese yuan also ticked lower against the dollar, extending its year-to-date decline to more than 4.5 per cent. (Representational Image)

China Thursday said it is fully prepared to deal with US’ threats to escalate the spiralling trade war between the two countries and will fight back to defend its dignity and the interests of its people, Reuters quoted the commerce ministry as saying. China upholds the use of dialogue to resolve disputes but equal treatment and keeping to promises are pre-requisites for dialogue, it said in a statement.

Robert Lighthizer, US Trade Representative, told Reuters that President Donald Trump directed a higher 25 percent tariff from an earlier proposed 10 per cent, because of Beijing’s refusal to meet US demands and has imposed retaliatory tariffs.

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China’s Foreign Ministry spokesperson Geng Shuang said at a press briefing that President Trump’s threats at “blackmail” would fail. “We would advise the United States to correct its attitude and not try to engage in blackmail. This won’t work on China,” Geng was quoted by Reuters as saying.

“Secondly, we would advise the US side to return to reason, and not blindly let emotions affect their decisions, because in the end this will harm themselves,” Geng added.

Despite the chill in relations between the two countries over the tariff issue, no formal talks have taken place between Washington and Beijing for weeks over Trump’s demands that China make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries.

If higher tariff rate is implemented, it would apply to a list of goods valued at $200 billion identified by the USTR last month as a response to China’s retaliatory tariffs on an initial round of US tariffs on $34 billion worth of Chinese electronic components, machinery, autos and industrial goods.

Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China.

(With inputs from Reuters)