(Yicai Global) March 23 -- "If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures," the Chinese embassy in Washington warned following the imposition of punitive American tariffs.
"China is not afraid of and will not recoil from a trade war," the embassy said in a statement.
President Donald Trump signed a memorandum yesterday after the outcome of a Section 301 investigation under the Trade Act, which could lead to the country slapping tariffs on Chinese imports across the board and curtailing Chinese mergers and acquisitions in the US. Chinese goods potentially subject to the duties are worth about USD50 billion, White House officials said at a press briefing.
"If people want to play tough, we will play tough with them and see who will last longer," Ambassador Cui Tiankai said in a video posted on the embassy's Facebook page.
The US has disregarded the mutually beneficial nature of the China-US economic and trade relationship, the embassy said, adding that by ignoring all rational voices and insisting on advancing the Section 301 investigation, the US is demonstrating typical unilateral trade protectionism. China is "strongly disappointed" and firmly opposes the move, the statement said.
China has exerted great effort to solve trade issues between the two countries based on the principle of mutual respect, the statement added. China has the confidence and ability to deal with any challenges.
The US action will directly damage the interests of American consumers, companies and financial markets while negatively impacting the international trade order and world economic stability, the embassy said. China hopes that America can make a careful decision and pull back before it is too late and does not drag the economic and trade relationship into a dangerous position.