China, US trade war continues

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China and the United States are engaged in a trade war as each country continues to dispute tariffs placed on goods traded between them.

China said on Monday that a delegation is still preparing to go to the US for trade talks, after US President Donald Trump dramatically increased pressure on Beijing to reach a deal, saying he would hike tariffs on Chinese goods this week.

Trump’s comments on Sunday marked a major escalation in tensions between the world’s largest economies. The US had previously threatened China with tariffs many times before and China’s position and attitude on this remained vigilant.

“For 10 months China has been paying tariffs to the USA of 25% on $50 billion of High Tech, and 10% on$ 200 billion of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 billions,” Trump tweeted.

This statement has cast into doubt previous expectations that China and the US were closing in on a deal to end a months-long trade war that has slowed global growth and disrupted markets.

China Foreign Ministry spokesperson, Geng Shuang, says the country hopes the US can work hard with China to meet each other half way, and strive to reach a mutually beneficial, win-win agreement on the basis of mutual respect.

“What is of vital importance is that we still hope the United States can work hard with China to meet each other half way, and strive to reach a mutually beneficial, win-win agreement on the basis of mutual respect. This not only accords with China’s interests, but also those of the United States, and is the common expectation of the international community.”

Meanwhile, New Zealand Prime Minister Jacinda Ardern says her country will not always see eye to eye with China, but differences in perspective would not define the relationship.

Speaking at a Chinese business summit organised by Auckland’s Chamber of Commerce, Ardern said that mutual respect was key to ties with China, who is New Zealand’s largest trading partner.

“As you know for example there are areas where we do not always see eye to eye with China, and there will be times when they do not always see eye to eye with New Zealand. This is only natural. But as long as we continue to have a relationship built on mutual respect, we can and we will discuss our differences in a mature and respectful manner. A point I’ll continue to make is that any differences of perspective, they do not define our relationship.”

Ardern says New Zealand will make decisions based on what is in their best interests and consistent with their values. She says they will do this in accordance with the international rules based system of laws and conventions upon which we all depend for our security and for the free flow of goods and services.

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