A spokesman for China’s Commerce Department said Thursday that Beijing hopes that the United States will rule out a trade war between the two largest economies in the world, second only to the president. Trump has announced a suspension on higher tariffs He had imposed on many other countries.
“China’s position is clear and consistent. The door to consultations is open, but dialogue must be held on mutual respect and equality,” a Commerce Ministry spokesperson said. “China Stand in that position until the end. Pressure, intimidation, and intimidation are not the right ways to deal with China. I hope that the US will cooperate with China. We will properly resolve differences through dialogue and consultation based on the principles of mutual respect, peaceful coexistence, and cooperation that is beneficial to both parties. ”
Trump announced a suspension on the planned implementation of higher tariffs in almost all countries late Wednesday, saying that he implemented a universal 10% tariff, but raised China’s tariffs from 104% to 125%. The high-level tax came into effect Thursday as Beijing’s 84% retaliatory tariffs came into effect on US imports into China.
“I’ve repeated the Chinese position many times, and it’s very clear. We don’t cause trouble or fear trouble. We cannot take away the legitimate development rights of the Chinese people and the people of the world. China’s sovereignty, security and development interests should not be violated,” he said.
China’s Foreign Ministry vowed to take a strict stance and fight.
“The reckless and unjust actions of the United States are destined to fail against the will of the people and ultimately fail,” said Lin Zian, a spokesman for China’s Foreign Ministry. “I would like to reiterate that there are no winners in tariff wars or trade wars. China does not want a trade war, but we are not afraid of it. We will never see the legitimate rights and interests of the Chinese people being damaged.
On Wednesday, Trump said he believes he can come to a resolution with China.
“China wants to do business,” the president said in the White House. “They just don’t know how to go about it.”
The EU announces its own 90-day suspension on retaliation fees
In other parts of the world, The market has gathered In response to Trump’s tariff rollback after a sudden loss over several days, leaders and economists continued to raise concerns about economic uncertainty, but there was also more potentially positive news for stock traders.
European Commission Chairman Ursula von der Leyen said in a social media post that the bloc of 27 countries has its own plan to impose retaliatory tariffs on 90 days of US imports, coinciding with Trump’s latest move.
“I want to give you a chance to negotiate,” von der Reyen said. “We will hold it for 90 days while we confirm the adoption of EU measures that have gained strong support from member states.”
EU leaders have previously warned that “clear and predictable conditions are essential for trade and supply chains to function.”
“The risks remain the same,” said Holger Schmeading, Belenberg’s chief economist.
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