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The Ministry of Commerce Photo: VCG

In response to a media inquiry on US President Donald Trump's memorandum directing his administration to determine "the equivalent of a reciprocal tariff with respect to each foreign trading partner" and whether China has made preparations to respond, a spokesperson for China's Ministry of Commerce (MOFCOM) said on Thursday that China is deeply concerned about the US' plan to impose so-called "reciprocal tariffs" on all major US trading partners. 

The US approach not only violates WTO rules, but also disregards the balance of interests achieved through negotiations within the multilateral trading system over the past 80 years, as well as the fact that the US has long benefited significantly from international trade. This is a typical manifestation of unilateralism and protectionism, He Yadong, the MOFCOM spokesperson, said at a press briefing. 

The spokesperson further stated that if the US-proposed "reciprocal tariff" system is implemented, it will undoubtedly severely damage the multilateral trading system based on rules such as most-favored-nation treatment, disrupt the global supply chain, and create significant uncertainties for normal international economic and trade activities, and many countries have clearly expressed their opposition.

China urges the US not to casually wave the "tariff stick" and use tariffs as a tool to engage in coercion. Tariff war leads nowhere, and it leaves no winners. The US should correct its wrongdoings and work with other countries to find solutions through equal consultations, the spokesperson said.

Also on Thursday, when asked by a reporter about Trump's reported remarks that the US might reach a new trade deal with China and whether any progress toward a deal on trade and tariffs between China and the US, Chinese Foreign Ministry spokesperson Guo Jiakun said that trade wars and tariff wars have no winners and hurt the interests of people of all countries.  

"We firmly oppose the US unilateral tariff hikes. The two sides need to address each other's concerns through dialogue and consultation on the basis of equality and mutual respect. China will continue to do what is necessary to firmly safeguard our legitimate rights and interests," Guo stated.

The US' "reciprocal tariffs" in fact constitute trade bullying and trade coercion, as it uses tariffs as a means and a bargaining chip for transactions, forcing the other party to accept its trading conditions, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Thursday.

"And such a tactic harms others as well as the US itself," Li said, adding that when the US imposes tariffs, many of these tariffs will ultimately be borne by US businesses and consumers.

Many major economies, including the EU, have criticized the US' so-called reciprocal tariffs.

The European Commission said in a statement last week that it views Trump's proposed "reciprocal" trade policy as a step in the wrong direction. "The EU remains committed to an open and predictable global trading system that benefits all partners."