Geng also said that China has "always upheld using dialogue and consultations to handle trade frictions", but that "unilateral threats and pressure will only produce the opposite of the desired result". However, the Chinese bourses fall under the pressure on the news that Trump is considering 25% tariffs on Chinese goods worth $200 billion against 10% that are being discussed now.
In an official statement, Lighthizer explained that raising the tariff rate from 10 to 25 percent would provide the Trump Administration "with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens".
The reports say a 25 percent tariff - instead of the original 10 percent - would be proposed on $200 billion of Chinese goods by the administration of US President Donald Trump. If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights.
USA pressure and blackmail on trade won't work.
American companies have started to feel the pinch as well from global steel and aluminium tariffs and the first tranche of China-specific duties that cover just $34 billion of imports.
Trump's trade fights, including the battle with China, are starting to seep into the U.S. economy based on recent data.
The White House had imposed tariffs on imports of steel and aluminium from the EU, drawing retaliatory levies on United States motorcycles, jeans and whiskey while prompting threats of even more measures from the White House, this time targeting the mighty European automotive sector.
"This gets you nothing", said Fred Bergsten, founder of the Peterson Institute for International Economics, a Washington, D.C., free-trade think tank. China responded by implementing its own penalties on USA goods.
Christopher Matthews is a writer who splits his time between New York City and Accra, Ghana, with an interest in the intersection of markets, the economy, and public policy.
Mr Wang was firm that any pressure which the U.S. was trying to put on China would not work. But President Trump has done just the opposite, signing a large corporate tax cut that makes foreign investment in the US more attractive, while forcing Congress to scale back its plans to place more restrictions on Chinese investment in the United States.