China stressed on Wednesday that “equality, respect” are paramount in discussions with the United States amid President Trump’s stated optimism on reaching a new trade deal between the world’s two largest economies.
Chinese foreign ministry spokesperson Guo Jiakun said the escalating trade war between Beijing and Washington will lead to “no winners” and reiterated the East Asian country will not bend the knee to Trump.
“This tariff war is launched by the U.S. We have made it very clear that China does not look for a war, but neither are we afraid of it. We will fight, if fight we must. Our doors are open, if the U.S. wants to talk,” Guo said during a Wednesday press conference.
“If a negotiated solution is truly what the U.S. wants, it should stop threatening and blackmailing China and seek dialogue based on equality, respect and mutual benefit,” he added. “To keep asking for a deal while exerting extreme pressure is not the right way to deal with China and simply will not work.”
Trump, who says the rest of the world treats the U.S. “very unfairly” on trade, has raised tariffs to 145 percent against China, to which Beijing fired back with its own 125 percent duties. The president permitted some exemptions, namely on electronic devices coming into the U.S.
After negotiations with Chinese President Xi Jinping, the high-mark tariffs will “come down substantially,” Trump said Tuesday.
“We’re going to be very nice. They’re going to be very nice, and we’ll see what happens. But ultimately, they have to make a deal, because otherwise they’re not going to be able to deal in the United States,” the president added.
Treasury Secretary Scott Bessent said Wednesday there’s opportunity to strike a “big deal” with China, one that should lead to more U.S. domestic manufacturing and lower import consumption.
“The U.S. is looking to rebalance to more manufacturing. The identity of that would be less consumption,” Bessent said. “If China is serious on less dependence on export-led manufacturing growth and a rebalancing toward a domestic economy … if they want to rebalance, let’s do it together.”