BEIJING (Sputnik) – Beijing strongly opposes the escalation of a trade war with Washington and is ready to continue consultations with the United States to overcome contradictions, Chinese Vice Premier Liu He said on Monday.
“China strongly opposes trade protectionism and blockade in the field of new technologies. China is making efforts to ensure the integrity of production chains, we are ready to resolve the existing problem through consultation and cooperation, we strongly oppose the escalation of a trade war”, Liu said at the opening of the international exhibition Smart China Expo.
The statement by Liu, who has led the Chinese delegation at all trade negotiations with the United States, comes amid the acute trade conflict between the world’s two largest economies.
On Friday, the Chinese State Council said tariffs ranging from 5 to 10 percent would be applied to $75 billion worth of US goods, with some taking effect on 1 September and others on 15 December. A 25-percent duty will be introduced on US cars.
Later on Friday, US President Donald Trump said that Washington would raise the existing tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent starting 1 October. In addition, tariffs would be raised from 10 percent to 15 percent on another $300 billion worth of Chinese goods starting on 1 September.