China urges U.S. to ‘calm down’ in trade dispute, says its tactics certainly won’t work
SINGAPORE/BEIJING (Reuters) – China on Thursday urged the United States to "calm down" and get back to reason following the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-percent tariff on $200 billion in Chinese imports.
U.S. Trade Representative Robert Lighthizer said on Wednesday that President Donald Trump directed the rise with a previously proposed 10 % duty because China has refused to fulfill U.S. demands and contains imposed retaliatory tariffs on U.S. goods.
Trump's threats of upper tariffs weighed on China's markets. But Wang Yi, folks government's top diplomat, said U.S. efforts to pressure China can be in vain, urging its trade policymakers to "calm down".
"We hope those directly mixed up in United States' trade policies can unwind, carefully pay attention to the voices of U.S. consumers…and listen to the collective call in the international community," Wang, associated with the country's state council, or cabinet, said in Singapore.
"The United States' approach to adding pressure will not, I'm afraid, work," he told reporters on the sidelines of your regional forum.
Worsening trade tension backward and forward countries probably would not affect China's stance around the denuclearization with the Korean peninsula, Wang said. "We cope with diplomatic matters on such basis as principle, not by starting trade."
The Chinese yuan also ticked lower against the dollar, extending its year-to-date decline to greater than 4.5 %.
There have already been no formal talks between Washington and Beijing for weeks over Trump's demands that China make fundamental changes for the policies on intellectual property protection, technology transfers and subsidies for prime technology industries.
DISCUSSIONS FOR "FRUITFUL" TALKS
Foreign Ministry spokesman Geng Shuang reiterated in the regular news briefing in Beijing the fact that United States' efforts at "blackmail" would fail.
"We will advise america to take care of its attitude rather than try and embark on blackmail. This won't focus on China," Geng said.
"Secondly, we will advise the U.S. side to go back to reason, and not just blindly let emotions affect their decisions, because eventually this can harm themselves," Geng said.
Two Trump administration officials told reporters using a business call that Trump remains accessible to communications with Beijing knowning that through informal conversations both the countries are discussing whether a "fruitful negotiation" may be possible.
The higher tariff rate, if adopted, would pertain to a directory of goods worth $200 billion identified by the USTR last month like a step to China's retaliatory tariffs for an initial round of U.S. tariffs on $34 billion in Chinese electronic components, machinery, autos and industrial goods.
China's commerce ministry said the U.S. tactics might have no affect China, and would disappoint countries which can be against trade wars.
"China is fully ready for the United States' threats to escalate the 2 main countries' trade war and definitely will have got to deal with the problem to shield its dignity additionally, the interests of that people," it said from a statement posted on its website.
Trump has ultimately threatened tariffs on a lot more than $500 billion in Chinese goods, covering nearly all U.S. imports from China.
The USTR stated it will extend a public comment period for any $200 billion list to Sept. 5 from Aug. 30 as a result of possible tariff rate rise.
The list, unveiled on July 10, hits American consumers harder than previous rounds, with targeted goods including Chinese tilapia fish and pet food to furniture, lighting products, printed circuit boards and building materials.