China vowed on Friday to strike back quickly if the United States hurts its interests, hours before U.S. President Donald Trump was due to unveil revisions to a tariff list targeting $50 billion worth of Chinese goods.
"China opts for the first one and has made such a decision", Wang said before warning, "we hope the USA will make a wise choice and China on its part is prepared on all fronts".
Following the latest decision by Trump, Congresswoman Rosa DeLauro said tariffs must be seen as one tool among many the U.S. could use to hold bad actors like China accountable and bring the Chinese government to the table to secure a more favourable balance of trade.
China has warned it will retaliate.
China has published its own list of threatened tariffs on US$50 billion in U.S. goods, including soybeans, aircraft, and cars, and has said it would hit back if Washington followed up with further measures.
Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico and the European Union, all of which have threatened to retaliate in kind.
Yang Jiechi, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, met with U.S. Secretary of State Mike Pompeo on Thursday in Beijing. He has identified reducing the $375 billion annual trade deficit with China as a key test of his "America First" trade strategy. The officials spoke on condition of anonymity in order to discuss the matter ahead of a formal announcement. That is down from the approximately 1,300 the U.S. Trade Representative suggested in April.
"To make matters worse, President Trump rolled back sanctions on Chinese telecommunications firm ZTE after the company sold critical technology to Iran and North Korea, and lied to USA security officials about it. President Trump should be focused on American jobs, not China's", the lawmaker said.
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Wall Street has viewed the escalating trade tensions with wariness, fearful that they could strangle the economic growth achieved during Trump's watch and undermine the benefits of the tax cuts he signed into law previous year. China has targeted $50 billion in United States products for potential retaliation.
"If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt".
'Those are all historic ingredients for an economic slowdown'.
The White House did not list the meeting between Trump and the officials on a daily schedule of meetings, and the official said that they do not produce lists of attendees for private meetings.
'His fundamental commitment to the "deplorables" on the campaign trail was that he was going to bring manufacturing jobs back, particularly from Asia'.
"We're asking them to completely change who they are and we're shaking this little stick in front of them", said Derek Scissors, an expert on the Chinese economy at the American Enterprise Institute. "It's really not just tariffs, it's tariffs on a scale never before considered". On Thursday, China said it would not honour its pledge to increase purchases of USA goods if tariffs were imposed. The US views China as a strategic competitor and is wary of a potential challenge to US technology. (ZTCOY.PK) In April, the USA banned ZTE from buying American technology for seven years, effectively putting the company out of business. It also said it would punish China with broad investment restrictions to be announced by June 30.
Trump has frequently reversed course, threatening and then backing away, or vice versa, but he has appeared determined to take a hard line with Beijing.