China firmly opposes and will take countermeasures against U.S. trade bullying, which benefits no one and will only hamper the interests of both sides, Commerce Ministry spokesperson Gao Feng said at a regular press conference on Thursday.
The U.S. trade bullying will drag down the world economy and affect
industries in multiple sectors, Gao added.
Gao said that the progress of China-U.S. trade negotiations depends to a large extent on the U.S.' attitude and sincerity. Consultations will only continue on the basis of equality and mutual respect.
When asked if China will take restrictive measures against Apple, similar to U.S. measures against Huawei, Gao reiterated that the legitimate rights and interests of all the foreign companies doing business in China are protected by the Chinese government.
The country will continue to open wider and deepen reform to create a stable, equitable and transparent business environment for all the players from overseas countries, Gao said.
Unilateral escalation of trade tensions
Gao said a growing number of U.S. enterprises and organizations have expressed opposition after the U.S. government unilaterally escalated trade tensions. It clearly shows that there is no winner in the trade battle.
According to the Federal Reserve Bank of New York, the newly added tariff will cost U.S. households 831 U.S. dollars per year, reduce U.S. GDP growth and drive up the price of consumer goods, Gao added.
More and more consumers and enterprises in the U.S. have already felt the negative impact of trade friction.
As for the rare earth issue, Gao said that China, as the world's largest supplier of rare earth, is willing to meet the legitimate needs of countries around the world for rare earth resources after meeting China's domestic needs of rare earth resources.