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China is fully prepared and will fight back if the US imposes additional tariffs on Chinese imports, said a spokesperson for the Chinese Ministry of Commerce (MOFCOM) during a press conference on Friday evening.
Earlier on Friday, the country said it would fight to the end to defend its own legitimate interests and was willing to pay any price should the US continues on its path to unilateralism and trade protectionism.
A monitor displays the day's final numbers after the closing bell at the New York Stock Exchange in New York City, April 6, 2018. /VCG Photo
The tough stance came after US President Donald Trump’s late Thursday announcement that the US was contemplating slapping China with additional tariffs of 100 billion US dollars.
He Weiwen, a senior researcher with the Center for China and Globalization, talks with CGTN about why China is taking a strong stance against the US's trade policies and the countermeasures that China could take in responding to the looming additional 100 billion US dollars tariff.
**One extremely clear attitude **
He noted how China showed the world an extremely clear attitude via the press conference at MOFCOM – "We are not for trade war, but we are not afraid of that. Once Trump imposes on it, we'll fight to the end whatever the cost."
According to He, the voice is not just in resolution but also in action. "We will launch countermeasures immediately with equal size and intensity."
As for the possible countermeasures, He noted China had enough tools in the toolbox, such as "additional tariffs on imports from the US of oil and natural gas, of which the US is so eager to expand in China."
Also dozens of other moves can be made, according to He, since China has corporations in the US, in the fields of both goods and services.
After China responded to the US with punitive 25 per cent tariffs on US soybeans, beef and other products earlier this week, Trump has threatened that more sanctions are to come.
In regards to this escalation of tension, He noted that Trump has not been afraid to raise his stake, and that by making his demands bigger and bigger, he is hoping to force China to back down and ultimately "yield to his demands."
However, China has not been afraid to raise its stake either, and has called for equal talks based on WTO rules.
According to He, China should not pay much attention to
trade wars or fighting. "Trump's only purpose is to make you yield and bring you a negotiation – a tough one for sure," He added.
"We should not yield to the US, but defend WTO rules and the basic rights of China."
Two red-lines
He noted that trade friction is one of the most "important issues China has faced in recent years, and there are two red-lines we must defend."
One is the "multilateral trade mechanism represented by WTO rules" and the other is that "China as a sovereign state has the right to defend its economy and to upgrade its industry."
According to WTO rules, He said "unilateral trade and 301 Investigation are strictly forbidden." However, the US as a WTO member ignored them.
"If we permit it, every member can do whatever he likes," Noted He. The multilateral trade system and the world economy would be in danger.
Besides, the target of the 301 Investigation, according to He, "is to check China’s right that China can not suffer."
(CGTN)
