China is pledging not to fire the “first shot” in its trade standoff with the United States, days before the Trump administration is poised to begin implementing tariffs on billions of dollars in Chinese imports.
“We will never fire the first shot and will not implement tariffs ahead of the U.S.,” Beijing’s Ministry of Finance said in a statement Wednesday.
The United States and China are currently locked in a fierce standoff over trade as a result of President Trump’s plan to impose tariffs on $50 billion worth of Chinese imports over what he views as unfair trade practices on the part of Beijing. The administration, for instance, has accused Beijing of stealing U.S. intellectual property.
Beijing has promised to retaliate should Trump move forward with tariffs, threatening to impose a 25 percent tariff on roughly $50 billion worth of imports from the United States.
The Trump administration is poised to begin imposing tariffs on $34 billion in Chinese goods on Friday. Reports indicate that Beijing’s tariffs on an equivalent price of U.S. imports are poised to take effectg the same day.
Meanwhile, Reuters is reporting that China is pressuring European Union countries to issue a joint statement criticizing Trump’s trade policies at a Sino-European summit later in July.