Deeply regret US tariffs, will take 'necessary countermeasures': China

WION Web Team Beijing, China May 10, 2019, 11.42 AM(IST)

File photo of Chinese President Xi Jinping and Donald Trump. Photograph:( Reuters )

Story highlights

The US and Chinese officials are due to meet again on Friday for the second day of talks to resolve the trade dispute.

As new US tariffs on $200 billion worth of Chinese goods kicked in on Friday, China's commerce ministry said it "deeply regrets" the move by the Trump administration even as it vowed to take "necessary countermeasures".

"The eleventh round of China-US high-level economic and trade consultations is underway and we hope the US and the Chinese side can meet each other halfway," the statement said.

The commerce ministry, however, did not elaborate on the "countermeasures". US and Chinese officials completed their talks on the first day when the two sides met in Washington on Thursday.

The US and  Chinese officials are due to meet again on Friday for the second day of talks to resolve the trade dispute.

China's top trade negotiator Liu He said that an increase in US tariffs on Chinese goods "won't solve anything".

"Both the Chinese and US economies, in some ways, are part of a complete industrial chain. Everyone will get hurt. As both sides have now run into issues during the negotiations, we shouldn't harm the innocent," Liu said.

"The interests of the broader masses have been damaged, and we feel regretful. So we hope we can find the best way to a solution," he added.

However, as the talks got underway, President Trump said China had sought to "renegotiate the deal", adding, "we can't have that."

Trump warned that if the two sides fail to make a deal, the US would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product."

Trump did add that he had received a "beautiful" letter from Chinese President Xi Jinping to keep hopes alive in the contentious talks.

Markets around the world were hit even as several market experts still hope a last minute deal would be reached by the warring sides. US stock indexes closed lower on Thursday ahead of the trade talks.