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Monday, August 26, 2019, 14:11
China firmly opposes US trade war escalation, Liu says
By Bloomberg
Monday, August 26, 2019, 14:11 By Bloomberg

This undated photo shows Chinese Vice-Premier Liu He at an undisclosed location. Liu said his nation “firmly opposes” the US’s escalation of the trade war between the two nations, after President Donald Trump raised tariffs on Chinese goods and told American companies to move out of China. (PHOTO / IC)

China’s top trade negotiator said his nation “firmly opposes” the US’s escalation of the trade war between the two nations, after President Donald Trump raised tariffs on Chinese goods and told American companies to move out of China.

We believe the escalation of the trade war is not conducive to China, the US and the interests of people all over the world 

Liu He

Vice-Premier, China

“We are willing to solve the problem through consultation and cooperation with a calm attitude,” Vice-Premier Liu He said in Chongqing, Caixin reported on Monday. “We believe the escalation of the trade war is not conducive to China, the US and the interests of people all over the world.”

ALSO READ: Experts: Fresh threats by US will not work

China welcomes all foreign investors, including those from the US, Liu said.

In Trump’s announcement Friday of another wave of higher tariffs, he said existing 25% tariffs on some US$250 billion in imports from China would rise to 30 percent. Planned 10 percent tariffs on a further US$300 billion in Chinese goods will be taxed at 15 percent instead of 10 percent starting with the first tranche on Sept. 1.

China earlier on Friday said it may impose additional tariffs on American goods worth US$75 billion, including soybeans, automobiles and oil.

READ MORE: China deeply regrets US tariff hike, vows countermeasures

China's Ministry of Commerce expressed strong opposition on Saturday to a new threat of additional tariffs by the US on Chinese imports worth about US$550 billion. The ministry urged Washington to reverse course immediately or be prepared to "bear all the consequences".

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