China said it seeks a “calm” end to the ongoing trade war with the U.S. just days after President Trump announced the latest tariffs targeting $550 billion worth of Chinese products.
Chinese Vice Premier Liu He made the remarks on Monday saying China is “willing to resolve its trade dispute” and hopes to do so without escalating tension with the United States.
He continued by saying further escalation would not be good for China, the United States, or the global market.
President Trump weighed in on the remarks Monday during the G7 summit in France expressing his optimism over the Chinese eagerness to get back to the negotiating table.
The president went on to call the latest development “positive” and assuring those watching China is ready to make a deal.
The latest trade development comes as the Chinese currency dipped to an 11-year low after President Trump announced additional tariffs on Chinese goods targeting $550 billion worth of goods.
The president announced the latest tariffs via twitter Friday saying, “Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”
President Trump continued by saying, “Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.”
The president also slammed China for its latest round of retaliatory tariffs on $75 billion worth of U.S. products, and former administrations for enabling the Chinese to take advantage of the U.S. for so long.
President Trump mentioned during the weekend summit Chinese officials reached out to U.S. trade officials on more than one occasion, though Chinese officials dismissed the claims.
He did not clarify if he had spoken directly with Chinese President Xi Jinping regarding the matter.