China has pledged to protect American businesses and remain a “safe haven” for foreign investments, despite the ongoing trade war and the imposition of 34% tariffs on American imports, Beijing announced on Monday.
"China’s countermeasures are aimed not only at firmly protecting the legitimate rights and interests of companies, including American companies operating in China," said Vice Minister of Commerce, Ling Ji, on Sunday.
These tariffs are also intended to "bring the United States back on the right track of the multilateral trade system," he told a group of American business representatives, according to a statement released by his ministry on Monday.
The 34% Chinese tariffs will come into effect on 10 April.
The Vice Minister of Commerce was addressing representatives from several American companies, including car manufacturer Tesla and medical multinational GE Healthcare. "The root of the tariff issue lies in the United States," stated Ling Ji.
He urged American companies in China to "take concrete measures, jointly maintain the stability of global supply chains, and promote mutual cooperation and win-win outcomes."
On Friday, China declared it would impose a 34% tariff on all American product imports, in retaliation for the same level of tariffs announced by US President Donald Trump on Chinese goods.
In this context, Asia-Pacific markets declined on Monday due to the inflexibility of the White House and Beijing’s response, fuelling risks of a destructive escalation for the global economy.
