China may change its stance from the mere retaliatory standpoint if US President Donald Trump continues to hype up the stake in the escalating trade war currently fought between Washington and Beijing, a Chinese news publication stated.
This announcement comes in light of Trump's latest tariff announcement on Monday which is slated to hit over USD$200 billion worth of Chinese exports.
According to the latest China-US trade war report coverage from the Wall Street Journal, Trump is now also looking to add hundreds of billions more worth of goods to his list should Beijing remains adamant from the pressure to change its commercial practices.
The steep 10 percent additional tax on the Chinese imports will initially take effect by next week, Sept. 24, and the rate is expected to increase by another 25 percent at the end of 2018.
Defending its recent economic move, the office of the POTUS said that the new tariffs placed the US in an advantaged bargaining position as well as the prospective billions of dollars worth of jobs and investment opportunities coming back to the country, according to CNBC.
Prior to the latest tax stamp, the White House has enacted a tariff policy which hit USD$50 billion worth of Chinese products. In response, Beijing seeks to target an equal amount of export value from the North American country, but this time, it is expected to hurt the American farming and agricultural sector the most.
No More Trade Talks
In light of these recent developments, a Reuters report said that the Xi Jinping administration may decide to entirely ditch its commitment in the proposed trade talks with its counterpart government.
The said financial forum between the two economic powerhouses is supposed to take place later this month after Trump gave the go-signal for the additional duties to take effect.
A separate Journal report cited the statement from one senior Chinese financial advisor saying that China is not keen on entering a forced negotiation.
China, through its commerce and finance ministries, has earlier laid the details on thousands of US export items that the government planned to hit retaliatory tariffs should the $200 billion tax threat is carried out.
It remains to be seen in the succeeding days the next move that the Xi Jinping government will make following Trump's Monday announcement.
Outside of the matter, Beijing has also announced this week about the upcoming trip of Chinese State Councillor Wang Yi to New York for the annual United Nations General Assembly.
