(Bloomberg) -- China indicated that it wouldn’t immediately retaliate against the latest U.S. tariff increase announced by President Donald Trump last week, saying that it was more important to discuss removing the extra duties.
“China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent escalation,” Ministry of Commerce spokesman Gao Feng told reporters in Beijing on Thursday. “China is lodging solemn representations with the U.S. on the matter.”
Gao said that both sides are discussing the planned trip in September by Chinese negotiators to Washington, though he didn’t add any further details. Higher tariffs on Chinese exports to the U.S. are due to come into force on Sept, 1, as well as some retaliatory measures from Beijing.
Beijing’s retaliation last week to an earlier U.S. tariff hike led to yet another increase from Trump, who said that existing 25% tariffs on some $250 billion in imports from China would rise to 30% come Oct. 1, the 70th anniversary of the founding of the People’s Republic of China.
“Escalation of the trade war won’t benefit China, nor the U.S., nor the world,” Gao said. “The most important thing is to create the necessary conditions for continuing negotiations.”
To contact Bloomberg News staff for this story: James Mayger in Beijing at jmayger@bloomberg.net;Miao Han in Beijing at mhan22@bloomberg.net
To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, Daniel Ten Kate
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