Beijing, August 26: China on Monday expressed its willingness to resolve its bilateral trade spat with the United States, calling for a “calm” negotiations with American counterparts and opposing the rise of the dispute, Chinese vice premier Liu He said.
On Friday, the trade war between the world’s two largest economies escalated with both the nations leveling additional tariffs over each other’s exports.
US President Donald Trump has on Friday announced an additional levy on at least $500 billion worth Chinese exports, a few hours after Beijing revealed its retaliatory tariffs over $75 billion worth American goods.
However, Trump on Saturday appeared to back-off on his tariff threat to direct American firms out of China.
Addressing a tech conference in southwest China’s Chongqing, Liu stated nobody was or would be benefited from a trade war, according to Reuters news reports.
“We are willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war,” Liu.
“We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world,” he added.
He added, the American companies are particularly welcome in China and ensured they would be treated in a good manner.
“We welcome enterprises from all over the world, including the United States, to invest and operate in China,” he added.
“We will continue to create a good investment environment, protect intellectual property rights, promote the development of smart intelligent industries with our market open, resolutely oppose technological blockades and protectionism, and strive to protect the completeness of the supply chain.”
However, it was unclear whether how Trump could get his nation’s companies out of China.
Steven Mnuchin, the US treasury secretary, stated the US president could direct entities to withdraw from China under International Emergency Economic Powers Act if he decides to declare a national emergency,
“U.S. companies are welcome to invest and operate in the Chinese market, but if some U.S. companies want to obey Trump’s order and join Washington’s trade war, the result is bleak. A decision to give up the Chinese market is just suicide,” The Global Times newspaper said in its editorial.