Hot SourceSource: vanguardngr
China said Tuesday it was ready to “fight to the end” in a trade war with the US after President Donald Trump said he would slap additional 100 percent tariffs on goods from the country.
The move, revealed in a Friday social media post, was in response to Beijing’s announcement last week of sweeping new export controls in the strategic field of rare earths — currently dominated by China.
Trump also announced in the post that Washington would impose export controls “on any and all critical software” from November 1.
The latest escalation has rattled markets and called into question a potential upcoming meeting with Chinese counterpart Xi Jinping in South Korea.
“On the matter of tariff wars and trade wars, China’s position remains consistent,” an unnamed commerce ministry spokesperson said in a statement Tuesday.
“If you wish to fight, we shall fight to the end; if you wish to negotiate, our door remains open,” the statement said.
“The United States cannot simultaneously seek dialogue while threatening to impose new restrictive measures. This is not the proper way to engage with China.”
Trump appeared to walk back his more menacing rhetoric in a Sunday social media post that said “it will all be fine”, adding that the United States wants to “help” China.
On Monday, as the outlook for trade with the United States darkened, newly released official data for September showed that China’s overseas shipments have remained resilient.
Exports jumped 8.3 percent year-on-year last month, the fastest expansion since March and much faster than forecasts.
Shipments to the United States — the world’s largest consumer market — picked up to reach $34.3 billion, the data showed.
Chinese goods currently face US tariffs of at least 30 percent under levies that Trump imposed while accusing Beijing of aiding in the fentanyl trade as well as unfair trade practices.
China’s retaliatory tariffs are currently at 10 percent.
The global impact of Trump’s tariff onslaught is in the spotlight this week as a semi-annual gathering of the International Monetary Fund and the World Bank takes place in Washington.
The White House continues to insist that the long-term effect of tariffs will be positive for the United States, pointing to their relatively muted economic impact so far.
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