China and the United States should seek constructive measures to deal with problems and challenges so as to bring bilateral economic ties back to healthy and stable track, China’s Vice Finance Minister Zhu Guangyao said Wednesday.
“We don’t want a trade war because that will only bring losses to both sides,” Zhu said at a press conference. Self-willed and impulsive actions should not be used by both countries to address their economic ties that are so significant to the welfare of the Chinese and American people, he said.
China-U.S. economic relations have always been mutually beneficial, Zhu said. Bilateral trade volume reached above 580 billion U.S. dollars in 2017, up from only 2.5 billion dollars in 1979, when the two countries established diplomatic relations.
Trade frictions are inevitable considering such rapid development in economic ties and huge trade volume, Zhu said, adding China always seeks to deal with the frictions via policy coordination and negotiations under the principle of mutual respect, and in accordance with WTO rules.
Zhu acknowledged the challenges facing both sides but also reiterated that China will not surrender to external pressure.
“Looking at it another way, external pressure is the driving force for innovation and development,” Zhu said.
China on Wednesday unveiled a list of products worth 50 billion U.S. dollars imported from the United States that will be subject to higher tariffs, including soybeans, automobiles, and chemical products.
The Customs Tariff Commission of the State Council has decided to impose additional tariffs of 25 percent on 106 items of products under 14 categories, the Ministry of Finance (MOF) said in a statement on its website.
The move was taken after the U.S. administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth 50 billion dollars with a suggested tariff rate of 25 percent.
The date of implementation will depend on when the U.S. government imposes the tariffs on Chinese products, the MOF said.