China’s foreign affairs ministry reiterated its hopes the U.S. will meet China halfway, and implement the consensus.
China’s government announced Thursday that it will implement “necessary” countermeasures in response to the United States imposing additional 10 percent tariffs on US$300 billion worth of Chinese imports starting Sept. 1.
“The U.S. move seriously violated the consensus reached between the two heads of state in Argentina and Osaka, Japan, and deviated from the right track of settling differences through consultations,” an official with the Customs Tariff Commission of the State Council said.
This comes as U.S. President Donald Trump announced on Aug. 1 that it will impose further tariffs on consumer goods exported by China starting Sept. 1, after U.S. and Chinese negotiators failed to reach a trade deal in Shanghai.
As a result, markets took a tumble and the People’s Bank of China announced that the yuan weakened past the seven-per-dollar level, its lowest in 11 years as a result to the U.S. push to aggravate the tit-for-tat trade war.
The Trump administration on Tuesday delayed imposing until Dec. 15 the import tariff on laptops, cell phones, video game consoles and a wide range of other products made in China, in an abrupt pull-back from a hardline stance on Chinese trade.
Yet the administration is still moving forward with 10 percent tariffs on much of the US$300 billion worth of products first disclosed in May. The government published a 122-page list of products that will face tariffs beginning Sept. 1, including smartwatches.
And the recent announcement from China didn’t help as it sent global stocks sprawling once again on Thursday with oil also deepening its slide over recession fears.
Despite the current developments, China’s foreign ministry spokeswoman, Hua Chunying, reiterated that “we hope the U.S. will meet China halfway, and implement the consensus of the two heads of the two countries in Osaka.”
The foreign official added that her country “hopes to find mutually acceptable solutions through dialogue and consultation on the basis of equality and mutual respect.”
Although the definition of an agreed-upon deal between two parties doesn't seem to ring a bell with Trump, as he said in an interview on New Hampshire radio station WGIR, that “it’s got to be a deal on proper terms. It’s got to be a deal, frankly, on our terms. Otherwise, what’s the purpose?”
Chinese and U.S. negotiating teams will intensify trade consultations at the work level in August to prepare for the 13 meeting of chief trade negotiators which will restart in September, hoping to reach a trade deal.