Abrar Hussain: As US President Donald Trump announced new tariffs on $200 billion in Chinese goods today, a widely-read Chinese tabloid warned that the Asian powerhouse will not be content to “only play defense in an escalating trade war with the United States”.
In an intensifying row that has jolted global financial markets in the past few months, the United States and China have already levied duties on $50 billion worth of each other’s goods.
Last week, the US Treasury Department invited senior Chinese officials, including Vice Premier Liu He, to more talks on the tariff dispute, though skepticism remained high among trade observers regarding both sides over the prospects of a breakthrough.
China’s Foreign Ministry reiterated that the escalation of the trade conflict was not in anyone’s interest.
“We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect,” ministry spokesman Geng Shuang told a regular news briefing.
-Source: Reuters