China on Sunday said it won’t give in to the US pressure andwas ready to fight till the end in the raging trade war that has the worldconcerned.
Releasing a white paper that elaborated its position on theongoing trade spat with the US, China said that Washington”groundlessly” and “recklessly” accused Beijing ofbacktracking on its promises.
The white paper tiled “China’s Position on the China-USEconomic and Trade Consultations” also said Washington was”solely” responsible for the scuttling of talks in thrashing out adeal.
The document was released by Chinese Vice Commerce MinisterWang Shouwen a day after retaliatory tariffs by Beijing on American goods tookeffect.
The trade war between the world’s two largest economiesworsened after US President Donald Trump last month accused Beijing of renegingon its promises and slapped additional tariffs on the Chinese goods worth $200billion.
Trump’s sudden move while both sides were in talks to workout a deal caught China off-guard, prompting it to announce the retaliatorytariffs which took effect on Saturday.
“The US government’s accusation of Chinese backtrackingis totally groundless,” the white paper said, adding that “it isreckless to accuse China of backtracking while the talks are still underway”.
It said US pressure tactics and smear campaign would makethe matters only worse.
“However, China will not bow under pressure and willrise to any challenge coming its way. China is open to negotiation, but willalso fight to the end if needed.
“No challenge will hold back China’s development,though its development may not be all smooth sailing, and difficulties or evenperils are inevitable.
“China will never compromise on major principlesconcerning its core interests,” the white paper added.
It further said: “One prerequisite for a trade deal isthat the US should remove all additional tariffs imposed on Chinese exports andChina’s purchase of US goods should be realistic while ensuring that a properbalance in the text of the agreement is achieved to serve the common interestsof both sides.”
The world’s two largest economies have been locked in nearlya-year-old trade war that, analysts fear, might hurt the global economicgrowth.
Trump says he is taking on China for its “dodgy”business practices ranging from intellectual property theft to arm-twisting UScompanies to transfer technologies to their Chinese partners for doingbusiness.
China rejects the charges and says the US is targetingBeijing because of its growing power status in the world.