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8/29, 9:39 AM (Source: TeleTrader)
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China urges US to cancel introduction of new tariffs

China's Ministry of Commerce called on the United States on Thursday to reconsider introducing additional tariffs on Chinese imports from September, warning such action will result in an escalation of the trade war between the two countries.

"China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent escalation of the trade war," the ministry's spokesperson Gao Feng noted and added that Beijing complained to Washington about the new measures. He added that the two countries are in discussions about possible trade negotiations next month and stressed, that if talks do happen, both sides should "create conditions" for progress on reaching an agreement and putting an end to the ongoing trade dispute.

Last week, China announced it will be imposing retaliatory tariffs targeting $75 billion worth of American goods in response to the additional duties the US will introduce on Chinese products on Sunday. Washington then responded to Beijing's countermeasures by deciding to raise tariffs on $250 billion worth of Chinese goods from 25% to 30% from October and hike the planned 10% duties on $300 billion worth of imports to 15% in September.

Breaking the News / NP