China Says It Has a Detailed Plan to Hit Back at U.S. on Tariffs

(Bloomberg) -- China will “unquestionably” retaliate if the U.S. further escalates trade tension, and authorities have prepared a detailed, comprehensive counter-punch plan, a senior trade official said.

The government hasn’t conducted any negotiations at any level with American counterparts recently, Commerce Ministry Spokesman Gao Feng said Thursday at a press conference in Beijing. “We can’t talk under the unilateral threat from the U.S.,” he said.

Gao said recent opening-up measures announced by China have nothing to do with pressure from ongoing trade conflicts with the U.S., and that the government has never intervened to require foreign companies to share their proprietary technology as a condition of doing business in the country. “We’ll firmly push forward the Made in China 2025 plan,” he said.

People’s Bank of China Governor Yi Gang unveiled specific steps to further open the financial sector Wednesday, following pledges from President Xi Jinping to liberalize finance, automobiles and other industries. The measures raised hopes that tensions between the world’s two biggest economies could ease. Bloomberg reported earlier that talks have stalled because of the U.S. request to end state support for the high-tech sector.

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