China is refusing to back down against the United States' aggression even as US President Donald Trump increases levies on Chinese imports to a punishing 125 per cent. Beijing on Thursday warned that American tariffs go "against the whole world" and asked Washington to meet it "halfway" in a mounting trade war between the world's two largest economies.
On Trump's new taxes, Lin Jian, China's foreign ministry spokesman, said US tariffs "seriously damage the rules-based multilateral trading system, and seriously impact the stability of the global economic order."
"This is a blatant act that goes against the will of the world and goes against the whole world," the Ministry added.
Commerce Ministry spokeswoman He Yongqian, meanwhile, urged the United States to meet it "halfway" to stop the escalating trade war, but he vowed to "fight to the end" if a compromise cannot be reached.
"The door to dialogue is open, but it must be based on mutual respect and conducted in an equal manner," Yongqian said.
Beijing may again respond in kind after slapping 84 per cent tariffs on US imports on Wednesday to match Trump's earlier tariff salvo. It has repeatedly vowed to "fight to the end" in the escalating trade war between the world's top two economies.
Trump Tariffs On China
US President Trump's sudden decision to pause most of the hefty duties he had just imposed on dozens of countries brought relief for battered global stock markets on Thursday, even as he ratcheted up a trade war with China, the world's second-largest economy and second biggest provider of US imports.
Trump hiked the tariff on Chinese imports to 125 per cent from the 104 per cent level that kicked in on Wednesday.
However, the US President has said a resolution with China on trade is also possible.
"China wants to make a deal," Trump said. "They just don't know how quite to go about it."
But Trump's officials have said they will prioritize talks with other countries as Vietnam, Japan, South Korea, and others line up to try and strike a bargain.
Beijing's Strategy
With the US layering more tariffs on China, Beijing is reaching out to other countries in what appears to be an attempt to form a united front against Washington's threat.
China has held talks with the European Union and Malaysia on strengthening trade in response to the tensions, although Australia said it had rebuffed an offer from Beijing, its top trading partner, to work together to counter the tariffs.
"We are not going to be holding hands with China in respect of any contest that is going on in the world," Deputy Prime Minister Richard Marles told Sky News.
Hopes of state support helped prop up Chinese stocks on Thursday, even as its yuan currency fell to its weakest level since the global financial crisis.
Chinese sellers on Amazon are preparing to hike prices for the US or quit that market due to the tariff blow, according to a report by Reuters.
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