China says it is difficult to trade with the United States by putting a knife to his neck

BEIJING (Reuters) – A senior Chinese official said on Tuesday that it was difficult to continue trade talks with the United States as Washington "stabbed" China.

The resumption of negotiations will depend on the will of the United States, said Deputy Minister of Commerce, Wang Shouwen, at a press conference.

Meanwhile, the top diplomat of the Chinese government told businessmen at a meeting in New York that the talks could not take place against the backdrop of "threats and pressure," said the Foreign Ministry.

Some forces in the United States have also criticized China unfairly for trade and security, which has poisoned the atmosphere for Sino-US relations and is very irresponsible, said state councilor Wang Yi.

"If this continues, it will destroy in an instant the gains of the last four decades of China-United States. Mr. Wang told the members of the Business Council and the National Committee on US-China Relations.

Representatives from the United States participated, including Blackstone Group LP co-founder and CEO Stephen Schwarzman and Mastercard Inc (MAN) The CEO, Ajay Banga, has posted on his website the National Committee on US-China Relations.

Neither Washington nor Beijing seems willing to compromise in the escalating conflict, increasing the risk of a protracted battle that could dampen investment and disrupt global trade.

US tariffs on $ 200 billion of Chinese goods and Beijing's retaliation of $ 60 billion worth of US products, including liquefied natural gas (LNG), began Monday.

China has also accused the United States of committing "commercial bullying" and said Washington is intimidating other countries to submit to its will, according to a white paper released Monday by the China Business Council.

"Sharp criticism (from Beijing on Monday) suggests that China may prefer to wait for the current US administration, rather than engage in potentially futile negotiations," Mizuho Bank said in a note to its clients.

"Given these developments, it is increasingly likely that both parties will not resume negotiations for some time, at least until there is a noticeable change in the timing of the negotiations. political mood on both sides. "

Several rounds of Sino-US talks over the last few months appeared to be unsuccessful and new negotiations expected in the coming weeks have been canceled after Beijing decided last week not to send a delegation to Washington.

It can not be said that all previous trade talks were useless, but the US has abandoned mutual understanding with China, Wang said.

China does not know why the United States changed its mind after entering into an agreement with China on trade, Wang said, apparently hinting at talks in May when it briefly emerged that a frame had been set.

US exporters, including LNG suppliers, would "certainly" be hurt, but Beijing's retaliation would provide opportunities for other LNG-exporting countries, Wang added, adding that Australia was an important source of fuel for China.

"China is a great and powerful nation, when it is an economic or military confrontation with China, it would be very expensive," wrote the newspaper Global Times Tuesday in an editorial.

"As such, it is interesting for other countries, including the United States, to coexist peacefully with China," said the paper, published by the People's Party of the ruling Communist Party.