China’s Ministry of Commerce (MOC) stated on August 2 that China strongly opposes the new tariff proposal by the United States targeting $300 billion worth of Chinese imports, while it vowed to take the necessary countermeasures if the move is implemented, describing it as a serious violation of the consensus reached by the two presidents at their meeting in Osaka, Japan.
Only shortly after the 12th round of bilateral trade talks held in Shanghai, the US government said on Thursday, August 1, that it would impose an additional 10 percent tariff on $300 billion worth of Chinese goods starting September 1.
As stated by the MOC, it is not in the interests of the Chinese and American peoples or the people of the whole world to escalate trade frictions and impose tariffs. This will have a recessionary impact on the world economy. China always believes that there is no winner in a trade war. China does not want or fear a trade war, but will fight a trade war when necessary. It is hoped that the US will correct its mistakes in time, resolve the issue on the basis of equality and mutual respect and return to the right track, the MOC said in conclusion.