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China says wants 'calm' resolution to U.S. trade war

Economy Aug 25, 2019 11:42PM ET
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© Reuters. FILE PHOTO: File photo of a Chinese 100 yuan banknote being placed under a $100 banknote in this photo illustration taken in Beijing

By Yawen Chen and Ben Blanchard

BEIJING (Reuters) - China is willing to resolve its trade dispute with the United States through "calm" negotiations and resolutely opposes the escalation of the conflict, Vice Premier Liu He, who has been leading the talks with Washington, said on Monday.

The increasingly bitter trade war between the world's two largest economies sharply escalated on Friday, with both sides leveling more tariffs on each other's exports.

U.S. President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods on Friday, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods.

However, Trump appeared on Sunday to back off on his threat to order U.S. companies out of China.

Liu, speaking at a tech conference in southwest China's Chongqing, said nobody benefited from a trade war.

"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, who is President Xi Jinping's top economic adviser, said, according to a government transcript.

"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.

U.S. companies are especially welcome in China, and will be treated well, Liu said.

"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."

It was not clear exactly how Trump could get U.S. companies to leave China.

U.S. Treasury Secretary Steven Mnuchin said Trump could order companies out of China under the International Emergency Economic Powers Act if he declared a national emergency.

The trade war has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

Global stock markets reeled on Monday after the latest measures, while China's yuan currency fell to a fresh 11-year low. Investors streamed into the safe harbors of sovereign bonds and gold.

Chinese state media on Monday blasted the United States.

The official China Daily said in an editorial that Washington would "never be allowed to control China's fate".

"It has become unquestionably clear that his administration's tariff war against China is politically motivated. What Washington wants from its largest trade partner is for it to be content to play second fiddle and meekly do as it demands," the English-language paper wrote in an editorial.

"Washington has again taken the initiative to escalate the fight in the hope that Beijing will throw in the sponge as early as possible. But Beijing regards the trade war as an unavoidable trial by fire, from which the country will emerge stronger."

The Global Times, a widely-read tabloid published by the ruling Communist Party's official People's Daily, said leaving the Chinese market would be "suicide" for U.S. companies, especially for auto firms.

"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 paper said in its editorial.

China says wants 'calm' resolution to U.S. trade war
 

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Comments (19)
Bill Chan
Bill Chan Aug 26, 2019 8:26AM ET
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Just sanction China like what US did to Russia… I don't think US ally will follow
wilsonkff fung
wilsonkff fung Aug 26, 2019 1:37AM ET
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Time will prove Trump is the greatest American President ..... . . . . for China.. . . Face it.
David David
David9 Aug 26, 2019 12:34AM ET
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I have been telling you guys ... this week, China will roar a few more times. When China roars, worldwide market crumbles. If Trump keeps poking the Lion, she will attack. When she does, worldwide markets will lost trillions. That is how powerful the China Roar is.
Kenny Hải Hùng
Kenny Hải Hùng Aug 26, 2019 12:34AM ET
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Still waiting for the roar
David David
David9 Aug 26, 2019 12:34AM ET
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The future market is already showing the roar is coming. Asia and Europe heard it. US will hear a decent roar tomorrow.
Fields Mark
Fields Mark Aug 26, 2019 12:31AM ET
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Both sides should calm down their *******and work it out.
Linda Liao
Linda Aug 26, 2019 12:21AM ET
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The way of dealing things are different in two contries. What he said doesn't mean China will give up in this trade war. What he wanted to say is that it is not China to start trade war, Chinese people don't want to be involved in the war. If US wants to talk, then we talk, but if US wants to continue to fight, then we fight. So be careful with your money. Don't listen to what they say (include US and China), see what they do instead.
John Wong
John Wong Aug 26, 2019 12:20AM ET
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Chaos is in Trumps vocabulary not calm.
Wai Oh
Wai Oh Aug 26, 2019 12:12AM ET
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Trade War is begining now. No much to 'calm'. Just be strong and fight it.
Alex Huynh
Alex Huynh Aug 26, 2019 12:12AM ET
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a country more than 1 billions if unemployment rated up to 15% , internal will collapse .
Jason Zou
Jason Zou Aug 26, 2019 12:12AM ET
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Already been collapsing for last 40 years, for your information.
Bowen Li
Bowen Li Aug 26, 2019 12:12AM ET
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you donot understand most of workers are previous farmers, when unemployment, they return to their farmland. this is their social structure, there is no unemployment for those workers.
Bao Vo
Bao Vo Aug 26, 2019 12:09AM ET
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We can not do business with communist countries. Nerver
Jeff Chevalier
Jeff Chevalier Aug 26, 2019 12:09AM ET
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Walk around your house and throw out everything Chinese. You'd be surprised. Start with your phone!
Lynn McCord
the907man Aug 26, 2019 12:08AM ET
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I can't stop laughing. My stomach hurts. Please tell Liu He to stop saying such ridiculously funny things. They wasted our time with fake "negotiations". That chance is gone. Buh-bye.
Chris Cummins
Chris Cummins Aug 26, 2019 12:08AM ET
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Wait, because the chief liar says it you believe it? You would have made a great investor in one of his many failed businesses. Heck, maybe he could have suckered you into investing in many of them since you believe what he says.
 
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