China will reply if the US wants to impose additional tariffs on its products at all costs, the Chinese Foreign Ministry said Friday.
China does not want a trade war but is not afraid to make one, said spokesman Hua Chunying at a daily press briefing.
China hopes that the United States will rectify its mistakes as quickly as possible and that the trade dispute between the two countries can be resolved on the basis of equality and mutual respect, the spokesman added.
Chinese Foreign Ministry spokesperson said, this escalation in the tariff war is not in the interest of anyone, not China, the United States, or the world.
China has denounced Donald Trump’s decision to impose additional tariffs of 10% on $ 300 billion of Chinese imports as of September 01.
A wide range of consumer products are affected by this new measure, ranging from smartphones to some clothing. These goods were not yet subject to additional customs duties.
The tenant of the White House justified his decision because Beijing would not have fulfilled two commitments, to massively buy American agricultural products and stop selling Fentanyl in the United States.
At a meeting of the Association of Southeast Asian Nations (ASEAN), US Secretary of State Mike Pompeo added by denouncing decade of reprehensible behavior on the part of China. He said that Donald Trump was going to remedy this situation.
We want a free and fair trade, not a trade that impedes competition, said Mike Pompeo to a meeting of young entrepreneurs.
In front of reporters Thursday, the President of the United States said that the 10% could be “a first step” and he could possibly increase these duties.
US and Chinese trade delegations resumed negotiations this week in Shanghai. These are sincere, highly effective, constructive and profound exchanges , according to Beijing.
If previous tariffs established by President Donald Trump in his trade war with China had little impact on consumers, it will be different with those announced Thursday, warned observers.
The President of Toy Association, Steve Pasierb, which represents toy manufacturers and distributors in the United States, said it affects consumers head-on.
In a statement released on Thursday, the association said the announcement of additional fees will likely include finished toys and other toy-related items that have not yet been affected by tariffs.
Steve Lang, CEO of Mon Cheri Bridals and president of the American Bridal and Prom Industry Association (ABPIA) said it is unfair and this should not happen.
These products are among those affected by the latest tariff announcement.
Retailers’ shares fell sharply on Thursday, with the largest drops in Best Buy, with shares slipping 10.8%, Target, fell 4.4%, and Macy’s, declined 6.7%.
The shares of the Amazon and Walmart giants have also declined, but less than most of their competitors because they are perceived as having more weight with their suppliers.
In May, when it reported its quarterly results, retailer Walmart warned investors that higher US tariffs on imports from China would drive up prices in its stores.
Retailers had been spared the first round of tariff increases, which focused more on agricultural and industrial products. However, in May, the Trump administration announced plans to extend tariffs by 25% to virtually all Chinese imports that had been spared so far. Likewise, toys, shirts, housewares, shoes and furniture.