China’s decision to increase duties on American goods to 84% will become a “loss” for Beijing. This was stated by the US Minister of Finance Scott Immort, speaking on Fox News.
Immentine commented on China’s response to the trade policy of US President Donald Trump.
According to the minister, the Trump administration hopes for the possibility of negotiations with China.
“The fact that the Chinese side refuses to sit down at the negotiating table regrettable, because they are the worst violators in the international trading system. They have the most unstable economy in the history of the modern world,” said the immortal.
The head of the department emphasized that the escalation will be defeated for China.
“Our export to China is five times higher than their exports to the United States. So let them increase duties. What?”, He said.
Answering the question about the possible exclusion of Chinese companies from American exchanges, Scott Immentine stated that, in his opinion, all options are considered.
He made it clear that in the context of the aggravation of the US trade conflict, they are ready for any measures.
However, ultimately, President Trump and President of China Xi Jinping has good personal relations. I believe that the situation will be resolved at the highest level, ”the minister added.
On April 2, the head of the White House announced plans to introduce additional duties in the amount of 34 % for the import of goods from China as part of the Mutual Duties strategy.
Beijing quickly responded, saying that if this step was implemented, he would introduce mirror duties in the same volume.
In response, Trump threatened with new measures in case of China’s refusal to cancel return duties. In particular, the United States plans to introduce another package of duties in the amount of 50 % and abandon the planned negotiations with Beijing.
Thus, the total rate of American duties on Chinese imports can reach 104 %.
China also announced that he would increase duties on American goods to 84 % within the continuing trade confrontation with the United States.