Business & Finance

Chinese FM warns of grave consequences for US pressures on China in trade talks

MOSCOW, Chinese Foreign Minister Wang Yi has warned against grave repercussions for the US pressure on his country during commercial negotiations.

In news conference with Russian counterpart Serge Lavrov, Wang cautioned the US practices are deepening tension and obstructing the efforts to reach an acceptable trade agreement.

He noted that the negotiations had made strides, but still some pending issues that need thorough study.

Last week, the US-China trade talks had reached a stalemate.

On May 11, the United States increased the level of tariffs from 10 percent to 25 percent on approximately USD 200 billion worth of Chinese imports.

US President Donald Trump’s decision raises tariffs on all remaining imports from China, which are valued at approximately USD 300 billion.

In response, China announced Monday raising tariffs on USD 60 billion worth of US goods.

Source: Kuwait News Agency