China indicated that it wouldn’t immediately retaliate against the latest US tariff increase announced by President Donald Trump last week, emphasizing the need to discuss ways to deescalate the trade war between the world’s two largest economies, said Bloomberg.
“China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent escalation of the trade war,” Ministry of Commerce spokesman Gao Feng told reporters in Beijing on Thursday. “China is lodging solemn representations with the US on the matter.”
The US announced new tariff rates earlier this month on $300 billion of Chinese goods that will come into effect in September and December. Beijing then retaliated last week, announcing its own higher import taxes.