China says US tariff threat runs against trend of the times

China's Foreign Minister Wang Yi pauses before a bilateral meeting with Philippines' Foreign Affairs Secretary Alan Cayetano on the sidelines of the 51st ASEAN Foreign Ministers Meeting in Singapore, Thursday, Aug. 2, 2018. (AP Photo/Joseph Nair)

China's foreign minister says US threats to hike tariffs run against the trend toward globalization and will hurt US businesses and consumers

BEIJING — China's foreign minister said Thursday that U.S. threats to hike tariffs run against the trend toward globalization and will hurt U.S. businesses and consumers.

"Well, I should point out that nowadays we live in a globalized world," Wang Yi said while attending a regional meeting in Singapore. "We're not doing 19th century trade," he said.

"Goods flow from one country to another along the globalized industrial value chains," he said. "So is the United States trying to put tariffs on its own companies?"

China and the U.S. have raised tariffs on billions of dollars of each other's goods over complaints Beijing steals or pressures foreign companies to hand over technology.

Wang's comments came after the U.S. Trade Representative announced Wednesday it was considering raising import duties on $200 billion of Chinese goods by 25 percent instead of the previously planned 10 percent.

That reflected American frustration that Beijing retaliated by raising its own duties on U.S. imports in response to tariff hikes on Chinese goods over complaints the communist government steals or pressures companies to hand over technology

Wang said Beijing recognizes that the U.S. side was trying to put pressure on China.

"But we don't think such an approach will work," he said. "We hope that the trade policy makers in the United States will be cool-headed and listen to the voice of U.S. consumers and pay high attention to the voice of the American business community ..." he said, noting that higher tariffs will add to costs for U.S. companies operating in China and for consumers.

In Beijing, a foreign ministry spokesman, Geng Shuang, said Beijing was open to dialogue but gave no indication about the status of possible negotiations.

"Our door for dialogue is always open. But dialogue must be based on mutual respect, equality, rules and credibility," said Geng. "Now, the US coerces and pressures others unilaterally. It will only be counterproductive."

___

Liang reported from Singapore.

You may also like these

Asian stocks markets retreat after Wall Street...

Dec 23, 2016

Most Asian stock markets have declined in thin trading ahead of the Christmas holiday after Wall...

China plans 30,000-km high speed rail network by...

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

DEA opens shop in China to help fight synthetic...

Jan 6, 2017

The U.S. Drug Enforcement Administration plans to open a new office in southern China and, at...

'One China principle' not negotiable, China tells...

Jan 16, 2017

Responding to remarks by Donald Trump, China's Foreign Ministry says the country's "one-China...

Malaysia Air on rebound as missing flight search...

Jan 17, 2017

Nearly three years after twin disasters took it to the brink of financial collapse, Malaysia...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com