China Waits for U.S. to Make Next Move, Days After Trump Says He’s in No Rush
Published May 30, 2019 04:34AM ET
Updated May 30, 2019 04:50AM ET
China Waits for U.S. to Make Next Move, Days After Trump Says He’s in No Rush
(Bloomberg) -- China said the next move in trade talks must come from the U.S., days after President Donald Trump said he’s in no hurry to make a deal.
"The U.S. keeps escalating the trade tensions, and makes various tricks, which has severely hurt the trade talks," Chinese Ministry of Commerce spokesman Gao Feng said in Beijing. "Whether the China-U.S. trade talks can make any progress largely hinges on the U.S. attitude and sincerity."
Wrong U.S. actions damaged the talks and forced China to retaliate, Gao said. China hopes the U.S. corrects its mistakes, but will fight to the end if the U.S. keeps escalating tensions, he said on Thursday.
Since the collapse of talks earlier this month, the dispute between the two nations has worsened, with the U.S. restricting access to high-tech products and China threatening to cut off exports of rare earth products which are necessary for industry.
In response to a question on whether China would use its dominant position in rare earths to retaliate, Gao repeated a previous government statement that while China would prioritize domestic demand, it was willing to meet "the legitimate needs" of the rest of the world.
"However, if any country wants to use products made using China’s rare earth exports to contain and crack down on China’s development, that can’t be accepted emotionally and rationally," he added.
When asked if China would retaliate against Apple Inc (NASDAQ:AAPL). and other American companies doing business in China, Gao said that China would protect the legitimate rights of foreign businesses, without elaborating.
The comments come after another Chinese official accused the U.S. of "economic terrorism."
"We firmly oppose the willful use the sticks of tariff and protectionism," Vice Minister of Foreign Affairs Zhang Hanhui said earlier in the day. "Deliberately provoking trade disputes is economic terrorism, economic hegemony and economic chauvinism.
(Updates with Gao’s comments on rare earths and retaliation from fifth paragraph.)
Get The News You Want
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.