[Introduction] On September 5, Gao Feng, spokesperson of the Ministry of Commerce, said that China has sufficient countermeasures against the US's tariff increase measures, but under the current circumstances, we believe that the issue that should be discussed is to cancel the further tariffs on $550 billion worth of Chinese goods to prevent the trade war from escalating further.

According to the Instrument Information Network, the Ministry of Commerce held the first regular press conference in September at 15:00 on September 5. The spokesperson will release the recent key work in the business field and answer questions from the media on the spot. Gao Feng, the spokesperson of the Ministry of Commerce, said that the senior officials of both sides will discuss the specific arrangements for the 13th round of high-level economic and trade consultations between China and the United States to be held in Washington in early October. With full preparation, both sides will strive to make substantial progress in the consultations in early October. The high-level talks between China and the United States are expected to reach a consensus in the consultations and eventually cancel the additional tariffs on $550 billion worth of Chinese goods.

Gao Feng said that China has sufficient countermeasures against the US tariff increase, but under the current situation, we believe that the issue that should be discussed is to cancel the further tariff increase on $550 billion of Chinese goods to prevent the trade war from escalating. China is making solemn representations to the US on this. As China has repeatedly emphasized, the escalation of the trade war is not conducive to China, the United States, or the interests of people all over the world, and may even bring disastrous consequences to the world.

Event Review:

On the afternoon of August 23rd, Eastern Time, and the early morning of August 24th, Beijing Time, the Office of the United States Trade Representative (USTR) announced that Trump has instructed the Office of the United States Trade Representative to increase tariffs by another 5% on approximately $550 billion worth of Chinese imports.

That is: A 25% tariff has been imposed on Chinese imports worth about $250 billion, and the U.S. Trade Representative will begin raising the rate to 30% after issuing a notice and soliciting comments on October 1.

On August 29, local time in the United States, the Office of the United States Trade Representative (USTR) published a notice in the Federal Register, officially announcing an increase in tariffs on $300 billion worth of Chinese goods from the original 10% to 15%, to be implemented in two batches (September 1 and December 15, 2019). In addition, the public will be asked to comment on the increase in tariffs on $250 billion worth of goods from 25% to 30%.

[Source: Instrument Information Network] Editor: Guan Chenguang