BEIJING: China signaled Sunday that it would not back down in the face of a 100 percent tariff threat from President Donald Trump, urging the US to resolve differences through negotiations instead of threats.
“China’s stance is consistent,” the Commerce Ministry said in a statement posted online. “We do not want a tariff war but we are not afraid of one.”
The response came two days after Trump threatened to jack up the tax on imports from China by Nov. 1 in response to new Chinese restrictions on the export of rare earths, a key ingredient for many consumer and military products.
The back and forth threatens to derail a possible meeting between Trump and Chinese leader Xi Jinping and end a truce in a tariff war in which new tariffs from both sides briefly topped 100 percent in April.
Trump has raised taxes on imports from many US trading partners this year, seeking to win concessions in return for tariff reductions. China has been one of the few countries that hasn’t backed down, relying on its economic clout.
