The Latest: China hoping US will meet it halfway on trade
The Associated Press
May 10, 2019 01:55 AM
In this Feb. 24, 2017, photo, factory workers use gas torches on air conditioning condenser units on an assembly line at a Haier factory in Jiaozhou near Qingdao in eastern China’s Shandong Province. U.S. President Donald Trump’s latest tariff hike on Chinese goods took effect Friday, May 10, 2019, and Beijing said it would retaliate, escalating a battle over China’s technology ambitions and other trade tensions.
The Latest on the tariffs standoff between the United States and China as trade talks are underway in Washington (all times local):
A Chinese Foreign Ministry spokesman says Beijing is hoping the Trump administration will meet China “halfway” in their dispute over trade.
The spokesman, Geng Shuang, spoke just hours after the U.S. raised tariffs Friday on $200 billion in imports from China to 25% from 10%. China said it would take unspecified countermeasures.
At a routine briefing in Beijing, Geng said that sound and stable relations were in the best interest of both countries and the international community.
He said, “We hope the U.S. and Chinese side can work together to jointly build a bilateral relationship of coordination, cooperation and stability. In this regard we hope that the U.S. will meet us halfway.”
In Tokyo, Deputy Chief Cabinet Secretary Kotaro Nogami has told reporters that Japan hopes the U.S. and China will resolve their trade disputes through dialogue. He said an escalation of trade restrictions will not serve anyone’s interest.
Japan’s economy has taken a hit from lower Chinese exports to the U.S. Japan also faces pressure from President Donald Trump to scale back protections for its farmers and encourage more purchases of U.S.-brand vehicles.
Nogami said any trade measures should be in line with rules set by the World Trade Organization and Japan hopes “both the U.S. and China will work to constructively resolve their problems through dialogue.”
China’s government says it will take “necessary countermeasures” in response to President Donald Trump’s latest tariff hike on Chinese imports but gave no details of possible retaliation.
The announcement followed an increase of U.S. duties on $200 billion of Chinese goods from 10% to 25%, escalating a fight over Beijing’s technology ambitions and other trade strains.
A Chinese Commerce Ministry statement said, “China deeply regrets that it will have to take necessary countermeasures.”
China responded to earlier U.S. tariff hikes by imposing penalties on $110 billion of American imports but is running out of goods for retaliation due to their lopsided trade balance.
Regulators have extended retaliation by targeting American companies in China. They have slowed customs clearing for shipments of their goods and stepped up regulatory scrutiny that can hamper operations.
President Donald Trump’s increased tariffs on $200 billion in Chinese imports are taking effect, heightening tensions with Beijing.
At 12:01 a.m. Eastern time Friday, the Trump administration raised the import taxes on those goods from 10% to 25%. China threatened to retaliate if Trump proceeded with his threat to raise those tariffs.
The Trump team is intensifying its trade war with Beijing, which it claims reneged on commitments it had made in earlier trade talks. The tariff increase took effect even after negotiators for the two sides resumed talks Thursday in Washington.
The higher import taxes won’t hit goods that already left Chinese ports before Friday’s deadline. Only when those shipments complete the three- to four-week voyage across the Pacific to the U.S. would they face the 25% tariff.