China urges the US to return to reason on trade and reiterates efforts…


The Chinese yuan also ticked lower against the dollar, extending its year-to-date decline to more than 4.5 percent.

There have been no formal talks between Washington and Beijing for weeks over Trump’s demands that China make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries.

Geng said China’s door to dialogue on the trade dispute is open, but that it had to be based on mutual respect and equality.

“The current unilateral threats and pressure from the United States will only backfire,” he said.

Two Trump administration officials told reporters on a conference call that Trump remains open to communications with Beijing and that through informal conversations the two countries are discussing whether a “fruitful negotiation” is possible.

The higher tariff rate, if implemented, would apply to a list of goods valued at $200 billion identified by the USTR last month as a response to China’s retaliatory tariffs on an initial round of U.S. tariffs on $34 billion worth of Chinese electronic components, machinery, autos and industrial goods.

Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all U.S. imports from China.

The USTR said it will extend a public comment period for the $200 billion list to Sept. 5 from Aug. 30 due to the possible tariff rate rise.

The list, unveiled on July 10, hits American consumers harder than previous rounds, with targeted goods ranging from Chinese tilapia fish and dog food to furniture, lighting products, printed circuit boards and building materials.



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