China wants to stabilise trade ties with the United States, adding that the recent talks in Europe highlighted that there was no need for a tariff war, its commerce minister said on Friday, reported Reuters. He also urged the US to act in a manner befitting of a superpower.
Commerce Minister Wang Wentao asserted that their economic independence was hindered by the “ups and downs” in the relationship between two countries. The escalating tariff battle between both nations was halted as a preliminary deal was established earlier. Owing to the deal, the US set a deadline for August 12 to reach an agreement with China.
The deal is imperative as a failure to achieve one could lead to tariffs exceeding over 100 percent.
Wand told reporters that "Major countries should act like major countries. They must shoulder their responsibilities," adding that China would protect its national interests.
"Practice has proven that through dialogue and consultation, with leadership and communication at the highest levels, we can properly manage contradictions and resolve our differences," he said.
"We will continue to strengthen dialogue and communication, deepen consensus, reduce misunderstandings, enhance cooperation, and jointly put China-U.S. economic and trade relations back on track to achieve healthy, stable and sustainable development."
He highlighted that a lot of services and goods that they exchange are irreplaceable. "China does not want a trade war, but it is not afraid of one," he asserted.
The tariff rate imposed by the US on China currently stands at 53.6 percent, Reuters reported.
The statement comes after reports of the US imposing over 90 percent tariff on key battery material imported from China surfaced.
