China will "absolutely not" fire the first shot in a trade war - Reuters
|As reported by Reuters, China has vowed that it will not be firing the first shot in a trade war with the US as the July 6th deadline for US tariffs on $34 billion of Chinese goods inches closer.
Key quotes
"China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, its finance ministry said on Wednesday. A person with knowledge of the plan earlier told Reuters China’s threatened tariffs on $34 billion of U.S. goods would take effect from the beginning of the day on Friday. Given the 12-hour time difference, that would have put its implementation ahead of Washington’s. Other media carried similar reports.
But the ministry issued a brief clarification in response. “The Chinese government’s position has been stated many times. We absolutely will not fire the first shot, and will not implement tariff measures ahead of the United States doing so,” it said, without elaborating.
Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.
Earlier, Chinese Foreign Ministry spokesman Lu Kang said China was ready to act, though he did not confirm the start date for Chinese tariffs. “China has already made preparations,” Lu told a daily news briefing. “As long as the United States issues a so-called tariff list, China will take necessary measures to firmly protect its legitimate interests,” he added, without elaborating."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.