Published: Mon, June 03, 2019
Global News | By Blake Casey

China to lay out white paper on trade talk position

China to lay out white paper on trade talk position

The comments came in a white paper released by the Chinese government a day after it hit Dollars 60 billion worth of USA goods with new punitive tariffs ranging from five to 25 per cent, in retaliation for Washington raising duty on USD 200 billion in Chinese goods to 25 per cent.

Washington and Beijing resumed their bruising trade battle last month when the latest round of talks ended without a deal, with American negotiators accusing their Chinese counterparts of reneging on previous commitments.

"If the US side wants to use extreme pressure, to escalate the trade friction, to force China to submit and make concessions, this is absolutely impossible", said Wang, who has been part of China's negotiating team.

Following up on his campaign promises, the president slapped China with tariffs a year ago.

This all comes as trade tensions between the United States and China continue to escalate in what is feared to become a tech Cold War. Tu told the Global Times on Sunday.

"If the U.S. thinks it can force China to make concessions through maximum pressure and by escalating the trade friction, that's absolutely impossible", he said.

And the white paper said: "China does not want a trade war, but it is not afraid of one and will fight one if necessary".

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"This primarily impacts the cargo business, but passenger traffic could also be impacted as tensions rise", he added. "If we can not achieve this, then there is no point for consultations; even if we talk, we won't be able to reach an executable and sustainable agreement", he said.

Wang said the USA had made "unreasonably high" demands and insisted on adding "demands relating to China's sovereign rights" to the countries' agreement.

"We still have sufficient room for fiscal and monetary policy maneuver" to maintain health of the Chinese economy amid frictions, it said.

The US bears the full responsibility for the collapse of trade talks, according to China's government, adding that any further discussions need to be based on sincerity, mutual respect and equality. "However, the US has backtracked, and when you give them an inch, they want a yard".

"Nothing is agreed until everything is agreed", he said. "Accusations of forced technology transfer against China are groundless and untenable", the document said.

At the most recent talks in May, the U.S. used "intimidation and coercion" and "persisted with exorbitant demands, maintained the additional tariffs imposed since the friction began, and insisted on including mandatory requirements concerning China's sovereign affairs in the deal".

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