In the latest escalation of trade war headlines between the world’s two largest economies, the US President Donald Trump last Friday prepared an additional 5% duty on about $ 550 billion in targeted Chinese goods.
“The most important thing at the moment is to create the conditions necessary for both sides to continue negotiations,” he said during a weekly conference, adding that China was presenting “solemn representation” with the United States.
For two years, the Trump administration has sought to pressure China to eliminate what it calls unfair trade practices and make sweeping changes to its intellectual property protection policies, forced technology transfers to Chinese firms, industrial subsidies and access to market.
But China has consistently denied such allegations, vowing to fight back in nature and criticizing US measures as protectionist.
Gao reiterated that China had “abundant” retaliation measures if Washington eventually moved to impose the planned tariffs, but was willing to settle the matter calmly.
He reiterated his assertion that Chinese officials had contacted US trade counterparts overnight, offering to resume negotiations, a statement China refused to confirm.
GAO also declined to provide any details when asked if there was a call this week between Beijing and Washington.
“As far as I know, both trading teams have maintained effective communication,” he said.
In July 2018, the U.S.-China trade dispute increased tariffs on hundreds of billions of dollars of each other’s goods and threatens to engulf all trade between countries, jeopardizing the growth of the globe.
“Hopefully, the United States will show sincerity and concrete action,” Gao said./Investing.com