"The U.S.is playing a carrot-and-stick tactic on China, but this approach is not going to work on China", the ministry said.
"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers. and hear the collective call of the worldwide community", Wang Yi, the Chinese government's top diplomat and a member of the country's state council, or cabinet, said in Singapore. China retaliated with tariffs of its own, and the us countered with tariffs on $34 billion in additional Chinese imports with tariffs on an additional $16 billion scheduled to take effect as soon as Wednesday.
US Trade Representative Robert Lighthizer said on Wednesday that President Donald Trump directed the increase from a previously proposed 10 per cent duty because China has refused to meet US demands and has imposed retaliatory tariffs on US goods.
The United States may jack up the tariff rate on the next US$200 billion in Chinese imports it plans to target as it pressures Beijing to reform its trade practices, U.S. officials said Wednesday.
After successfully striking a last-ditch deal with the European Union to avert another wave of tariffs, the USA president was met with a more resolute response from China to the fresh threats.
Tensions between the USA and China continue to escalate, after Beijing threatened to hit back if Mr Trump's administration raised imposed tariffs to 25 percent on US$200 billion worth of Chinese goods. "First, we advise the United States side to correct its attitude and not to try to engage in blackmail", China's foreign ministry spokesperson Geng Shuang said on Thursday. "It adds to inflation pressure and interest rates and [would] strengthen the dollar, which makes trade situation even worse" for the US, he said.
The next wave of US tariffs is set to kick in as soon as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports.
Apple shatters US$1 trillion valuation
Apple's stock has been buoyant ever since it released its fiscal Q3 earnings, which were mostly positive for the company. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.
China's government, however, shows no sign of bending to Washington's pressure.
Representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have been speaking privately as they seek to restart negotiations, Bloomberg reported, citing sources. Advisers reportedly told President Trump that China's authorities would be more likely to yield if higher tax rates were imposed.
The proposed increase drew criticism from industry groups like the National Retail Federation, which said the move would ultimately hurt U.S. consumers.
The Chinese have already proposed buying more US goods in order to settle the dispute, only to have the White House-which wants to win a broader argument about intellectual property and subsidies-reject the proposal.
Trump had said he would implement the $200 billion round as punishment for China's retaliation against the initial tariffs aimed at forcing change in China's joint venture, technology transfer and other trade-related policies.
As for China's response, there are two angles: what it says, what it does and what it could do.