Beijing: After President Trump threatened China to amplify tariffs on $200 billion in Chinese goods, China stands firm on trade talks with the United States. China said on Monday that it would send its envoy for trade negotiations with Washington.
Trump had said that he would raise duties on $200 billion of Chinese goods from 10% to 25% on Friday. This would be a reversal of his decision last February to allow the rate to remain unchanged during the trade negotiations.
The foreign ministry spokesman, Geng Shuang, said, “We are also in the process of understanding the relevant situation. What I can tell you is that China team is preparing to go to the United States for the discussions.”
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The threat sent the stocks of 300 top Chinese companies listed as CS300 tumbling down 5.8% while hitting US futures as well. Trade experts and the market expected China to either pull out of the talks or refuse to send a negotiating team to Washington this week. However, China did not back from the negotiations.
As per china, they have already faced huge hikes in tariff by Washington. They are keen on a settlement to avoid any further increases.
Geng also added, “What is of vital importance is that we still hope the United States can work hard with China to meet each other halfway and strive to reach a mutually beneficial, win-win agreement on the basis of mutual respect.”
However, the ministry did not clarify that whether China will send the same envoy, Vice-Premier Liu He as head of the official delegation as originally planned.