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China telecom giant Huawei hints USA pressure hurting sales

11 June 2019

"China does not want to fight a trade war, but we are not afraid of fighting a trade war", he said, adding China's door was open to talks based on equality. "We will release information on this when we have it".

Trump said last week he would decide after the meeting of the leaders of the world's largest economies whether to carry out a threat to impose tariffs on at least $300 billion in Chinese goods. Beijing has hit back with its own retaliatory tariff increases.

The action was part of a broader trade dispute between China and the U.S., which has accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cybersecurity.

He also has complained about the Chinese currency, saying it has been kept artificially low to keep exports cheap. Weakness in manufacturing has also been felt in the USA and across the globe.

While Huawei has denied it would share user secrets with China's ruling Communist Party, Trump is on a mission to persuade United States allies to exclude Huawei equipment from next-generation 5G mobile networks.

But even so "China is getting absolutely decimated" by U.S. actions, he said. But trade talks with China hit an impasse last month after the president accused Beijing of reneging on provisions of a tentative agreement.

In an interview on CNBC on June 10, Trump said that proposed tariffs on $300 billion worth of Chinese goods would immediately be imposed in the event that the two leaders do not meet. Skeptics in the mainstream media relentlessly warned that tariffs would only hurt the USA economy by stifling GDP growth and job creation, and the European Central Bank even predicted that China would emerge from the "trade war" unscathed. Each side is blaming the other for the logjam in negotiations.

"China does not want a trade war", Geng said. "If the USA is willing to negotiate on an equal footing, our door is open. But if it insists on escalating trade frictions, we will respond to it with resolution and perseverance".

"Don't forget, the head of the Fed in China is President Xi".

U.S. Commerce Secretary Wilbur Ross on Tuesday downplayed the summit meeting in Japan, saying it would not be "a place where anyone makes a definitive deal". "I think he'll go, and I have a great relationship with him, he's actually an incredible guy, he's a great man, he's very strong, very smart, but he's for China and I'm for the United States".

"We're expected to meet and if we do that's fine, and if we don't - look, from our standpoint the best deal we can have is 25% on $600bn".

"People see 5G, but we see beyond that", he said.

On May 30, the Chinese government accused the USA of "economic terrorism".

According to the spokesman, Chinese officials remain open to engaging the U.S. in trade talks, if they are based on equality.

Chinese authorities say the United States is exaggerating security concerns to block a potential competitor.

China telecom giant Huawei hints USA pressure hurting sales