Chinese team preparing for trade talks despite Trump tariff threat

Officials in Beijing are reportedly seeking “more information” on President Trump’s threat to escalate tariffs on Chinese products, but are preparing to travel to the U.S. this week for previously scheduled trade negotiations.

The Associated Press reported that foreign ministry spokesman Geng Shuang said a “Chinese team is preparing to travel to the United States for trade talks,” but would not give further details on whether the negotiations would begin Wednesday as planned.

“We hope the United States will join efforts with China and we can meet each other halfway so we make a mutually beneficial agreement on the basis of win-win and mutual respect,” Geng said.{mosads}

Trump tweeted Sunday that tariffs on $200 billion in goods from China will rise from 10 percent to 25 percent on Friday. He further threatened to impose 25 percent tariffs on an additional $325 billion in Chinese goods “shortly.”

“For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods,” Trump tweeted. “These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday.”

Trump reiterated on Monday morning his desire for significant changes in trade with China.

“The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars,” he tweeted. “Sorry, we’re not going to be doing that anymore!”

The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!

— Donald J. Trump (@realDonaldTrump) May 6, 2019

Trump’s escalation of his trade war with China threatened to upend financial markets and doom trade talks with Beijing that have carried on for months.

The two sides have been locked in an escalating trade dispute dating back to last year, levying billions of dollars in tit-for-tat duties on the other’s products.

Negotiators have been working for months to hammer out a complex deal that addresses trade, intellectual property theft and the criminalization of fentanyl shipment, among other areas.

Trump and his top advisers had previously been bullish in public comments, saying they were close to reaching a deal.