China has called on the United States to « Equal Consultation » for customs duties

China yesterday called on Washington to « Equal Consultation » for customs, after global markets sank in response to US President Donald Trump’s commercial customs duties that caused Chinese revenge.

Chinese Foreign Ministry spokesman Guo Jiakun posted a photo on his Facebook page showing the fall of US markets on Friday.

-The market spoke. Now is the time for the United States to stop doing wrong and resolve differences with trade partners through equal consultation – he said.

In a separate statement issued by the Chinese government, the United States has called on « to stop using tariffs as a weapon to suppress the Chinese economy and trade and undermine legitimate development rights of the Chinese people, » Chinese media reported.

– China has taken and will continue to take decisive measures to protect its sovereignty, security and development interests. Washington seriously undermines the multilateral trade system based on rules and seriously undermines the stability of the global economic order, the statement added.

Hong Kong Finance Minister Paul Jan said Hong Kong would not introduce individual countermeasures, citing the need for the city to remain « free and open ».

– Enabling free flow of capital and acting as a free port are our strengths and that will not change. The multilateral trade system based on rules is our core – he said.

Trump has introduced additional 34 percent customs duties for Chinese goods as part of high customs duties for most America’s trading partners, making total customs duties for China this year. It also closed the trade hole that allowed low -value packages from China to enter the US without customs.

This prompted Chinese revenge on Friday, including additional 34 percent customs duties on all US goods and export restrictions on some rare countries, which escalates the trade war between the two largest economies in the world.

Global actions have fallen after China’s revenge and Trump’s comments on Friday that it will not change the course, continuing the sharp losses that followed after the US President’s customs duties announced earlier this week. During the week, the SIP 500 stock index fell nine percent.