China strongly opposes escalating US trade war, said Liu De Bloomberg

(Bloomberg) – China's chief negotiator said his country "strongly opposes" escalating trade war between the two countries, after President Donald Trump increased tariffs on Chinese products and asked for US companies to leave China.

"We are willing to solve the problem through consultation and cooperation with a calm attitude," Deputy Premier Liu He told Chongqing, reported Caixin on Monday. "We believe that the escalation of the trade war does not favor China, the United States and the interests of the world's population."

China welcomes all foreign investors, including those from the United States, Liu said.

In Trump's announcement Friday of a new surge in tariffs, he said the current 25 percent tariff on imports from China would reach 30 percent as of Oct. 1, the 70th anniversary the foundation of the People's Republic of China. The planned tariffs of 10% on an additional $ 300 billion of Chinese products will be taxed at 15% instead of 10% from the first tranche on September 1st.

Earlier Friday, China had threatened to impose additional tariffs on $ 75 billion of US products, including soybeans, automobiles and oil.

To contact Bloomberg News staff about this story: Sharon Chen in Beijing at [email protected], Miao Han in Beijing at [email protected]

To contact the editors responsible for this story: John Liu at [email protected], Daniel Ten Kate

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