China downplays impact of new US tariffs

(VOVWORLD) - The US’s trade actions against China will not work as China has ample fiscal and monetary policy tools to cope with the impact, a senior securities market official said on Tuesday.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), said at a conference in Tianjin that he hopes the two sides can sit down and negotiate on trade, adding that he looks forward to good China-US trade relations over the long term.

US President Donald Trump said Monday he will impose 10% tax on 200 billion USD in Chinese imports next Monday, increasing to 25% at the end of the year.

The dollar was slightly higher on Tuesday while China’s yuan fell, as global markets braced for Beijing’s response to new US tariffs on Chinese goods. Some experts said that China will probably refuse to join a new round of trade talks with the US.

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