China urges U.S. to 'pull back from brink' as Trump unveils tariffs

BEIJING/SHANGHAI (Reuters) - China urged the United States on Friday to “pull back from the brink” as President Donald Trump’s plans for tariffs on up to $60 billion in Chinese goods brought the world’s two largest economies closer to a trade war.

The escalating tensions between Beijing and Washington sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up.

Trump is planning to impose the tariffs over what his administration says is misappropriation of U.S. intellectual property. A probe was launched last year under Section 301 of the 1974 U.S. Trade Act.

“China doesn’t hope to be in a trade war, but is not afraid of engaging in one,” the Chinese commerce ministry responded in a statement.

“China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a dangerous place.”

In a presidential memorandum signed by Trump on Thursday, there will be a 30-day consultation period that only starts once a list of Chinese goods is published.

That effectively creates room for potential talks to address Trump’s allegations on intellectual property theft and forced technology transfers.

Trump said he views the Chinese as “a friend”, and both sides are in the midst of negotiations. - Read More

China urges U.S. to 'pull back from brink' as Trump unveils tariffs

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