Chinese officials have formally responded to the United States' imposed tariff hikes on Chinese imports by sternly stating that it will not succumb to pressures in forcing it to agree to a trade deal.
A senior official mentioned over the weekend that the country will not be forced to make a deal and it will never submit to the United States to make concessions.
The United States has recently made good on its threats with President Donald Trumps' tariff hikes now in force. The increase in rates from 10 percent to 25 percent has now been slapped on more than $200 billion worth of Chinese goods. China had previously mentioned that it would retaliate with its own tariff increase on US goods coming into the country.
Trade tensions between China and the United States escalated when the US accused China of going back on its previous promises, essentially changing the terms of the draft trade deal that was put on the table. China's Vice Commerce Minister Wang Shouwen recently spoke at a conference over the weekend and mentioned that it was "irresponsible" of the US to accuse the country of backtracking.
As a challenge to the United States, Wang exclaimed that no agreement can be reached if the US continues to use extreme economic pressure on the country to force a deal. Wang further stated that the US' demands are "unreasonably high" and that they were the ones who had backtracked on their promises.
Wang's sentiments were mirrored in a speech given by China's Defense Minister Wei Fenghe at a defense forum in Singapore on Sunday. Wei stated that China is prepared for a fight if the US wants it. However, Wei also stated that China's doors are open if the US is willing to negotiate.
China recently unveiled its new government policy paper on the ongoing trade war, which apparently showed that the US has overestimated its trade deficits.
Chinese officials stated that they will not be blamed for the economic impact the trade was will have on the US' economy, especially towards its manufacturing sector.
The paper revealed that the US goods and services deficit is around $150 billion, far from the $410 billion US officials have been saying. The white paper also cited various instances, which squarely put the blame of the setbacks in the talks on the United States.
Trump and Chinese President Xi Jinping are expected to meet once again at the upcoming G20 summit in Osaka this month. However, Chinese officials have not confirmed if the meeting between the two leaders would take place.
