BEIJING/WASHINGTON: China said on Monday that a delegation was still preparing to go to the United States for trade talks, even as U.S. President Donald Trump dramatically increased pressure on Beijing to reach a deal, saying he would hike tariffs on Chinese goods this week.
"What is of vital importance is that we still hope the United States can work hard with China to meet each other half way, and strive to reach a mutually beneficial, win-win agreement on the basis of mutual respect," Geng said.The Wall Street Journal reported earlier that China was considering cancelling this week's meetings in Washington in light of Trump's comments, which took Chinese officials by surprise.
The president also said he would target a further US$325 billion of Chinese goods with 25 percent tariffs"shortly," essentially covering all products imported to the United States from China.U.S. officials did not weigh in on whether they expected talks to go ahead this week. The White House and the U.S. Trade Representative's Office declined to comment. China's commerce ministry did not immediately respond to a request for comment.
"There is still a question of whether this is one of the famous Trump negotiation tactics, or are we really going to see some drastic increase in tariffs," said Nick Twidale, Sydney-based analyst at Rakuten Securities Australia."If it's the latter, we'll see massive downside pressure across all markets."
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