China's threat to impose counter-measures to the latest U.S. tariffs knocked stocks sprawling on Thursday, after an earlier rout sparked by fears of a world recession. More:
BEIJING/WASHINGTON - China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal, as U.S. President Donald Trump said any pact would have to be on America’s terms.
In a separate statement, China’s foreign ministry spokeswoman, Hua Chunying, said, “We hope the U.S. will meet China halfway, and implement the consensus of the two heads of the two countries in Osaka.” “China, frankly, would love to make a deal, and it’s got to be a deal on proper terms. It’s got to be a deal, frankly, on our terms. Otherwise, what’s the purpose?” Trump said in an interview on New Hampshire radio station WGIR.
Trump and Xi in June had agreed to restart trade talks after negotiations stalled earlier this year. But earlier this month, the Trump administration said it would slap duties beginning Sept. 1 on $300 billion of Chinese goods, which would effectively cover all of China’s exports to the United States.
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