Beijing: China Wednesday warned that the imposition of new tariffs on $300 billion Chinese products by the US could only set up “new roadblocks” for the commencement of another round of talks with Washington to end the bruising trade war.
US President Donald Trump kicked off a trade war with China last year by slapping 25 per cent duties on more than $250 billion of Chinese imports, demanding Beijing to reduce the massive trade deficit which climbed to over USD 539 billion.
He is also insisting on China to workout verifiable measures for the protection of intellectual property rights (IPR), technology transfer and more access to US goods to Chinese markets.
Both the countries have imposed additional tariffs on billions of dollars’ worth of their exports to each other.
According to US media reports, Trump has reiterated that he could impose additional tariffs on Chinese imports if he wants to.
“If the US were to impose new tariffs, it would only set up new roadblocks for consultations and it would take a longer time to reach a deal,” Chinese Foreign Ministry spokesman, Geng Shuang told reporters here on Wednesday while reacting to Trump’s latest threat.
Trump and his Chinese counterpart Xi Jinping met in Osaka in Japan on the side-lines of the G-20 summit on June 29, during which they have agreed to resume the trade talks to finalise a deal to end the bruising trade war.
After the meeting, both countries have also agreed to resume trade talks which broke down in May this year after the 11 rounds.
After Osaka meeting, China is yet to confirm dates for resumption of the 12th round of talks with the US to resolve the trade war.
“China consistently believes in dialogue and consultation to solve trade friction. We are sincere in holding consultations. The US believes we are still a long way to go to reach a deal,” he said.
“Hope the US will show sincerely and work with China on the basis of sincerity and equality to work together for a mutually beneficial deal,” he said.
Following the Osaka meeting, China insisted that the removal of tariffs on over USD 250 billion Chinese exports should be part of any trade deal.
On Monday, Trump taunted China after its Q2 economic data showed that the GDP slowed to 6.2 per cent, the weakest in 27 years.
Thousands of companies are leaving and this is why China wants to make a deal with the US, Trump said.
Reacting to Trump’s tweet, Geng said on Tuesday that “despite slower global economic growth and increasing uncertainties and instability, China’s GDP still grew by 6.3 per cent in the first half of this year. I think this is quite a good performance, especially when you compare it with that of other major economies. You will find it better than most of them”.
“The US says that China wants to make a deal with it because of the economic slowdown. Such an allegation is entirely misleading,” the spokesperson said.
“China is not the only one that wants to conclude a trade deal. The US wants it too. American people, especially consumers, strongly oppose the trade war and the additional tariffs on Chinese goods. Their voice speaks volumes,” he said.
Source: News18