China slams US tariffs, says economy is resilient

China hit back at higher US tariffs on Thursday, with leaders saying they will not yield to what they described as “coercion” and “threats”.

The Chinese foreign ministry made it clear that there would be no winners in a trade war.

“China has a clear and consistent position. Whatever kind of war it is – a tariff war, a trade war, a cold war, or a hot war – it should not be fought and cannot be won,” said its spokesperson, Lin Jian.

The United States has raised tariffs on Chinese imports twice since President Donald Trump took office

As China’s economic growth could take a hit if exports reduce, Beijing is hoping to boost internal production and consumption.

Its Minister of Commerce, Wang Wentao, acknowledged that Chinese exporters face serious challenges, and that the country is also dealing with a slowdown in consumer spending.

“We need to note that domestic demand remains sluggish and the potential of consumer spending is yet to be fully released. Specifically, the main problems with consumption in goods, include weak capability and willingness and dampened demand,” he said.

China has also hit the United States with duties, including additional tariffs of 15 per cent on key farm imports, and other restrictions on US goods.

The commerce minister, however, stressed that that Beijing is open to resolving differences over trade. He added that his country expects mutual respect in its dealings with other countries.