China says won't give in to US, will fight till the end

China on Sunday said it won't give in to the US pressure and was ready to fight till the end in the raging trade war that has the world concerned.

Releasing a white paper that elaborated its position on the ongoing trade spat with the US, China said that Washington "groundlessly" and "recklessly" accused Beijing of backtracking on its promises.

The white paper tiled "China's Position on the China-US Economic and Trade Consultations" also said Washington was "solely" responsible for the scuttling of talks in thrashing out a deal.

The document was released by Chinese Vice Commerce Minister Wang Shouwen a day after retaliatory tariffs by Beijing on American goods took effect.

The trade war between the world's two largest economies worsened after US President Donald Trump last month accused Beijing of reneging on its promises and slapped additional tariffs on the Chinese goods worth $200 billion.

Trump's sudden move while both sides were in talks to work out a deal caught China off-guard, prompting it to announce the retaliatory tariffs which took effect on Saturday.

"The US government's accusation of Chinese backtracking is totally groundless," the white paper said, adding that "it is reckless to accuse China of backtracking while the talks are still underway".

It said US pressure tactics and smear campaign would make the matters only worse.

"However, China will not bow under pressure and will rise to any challenge coming its way. China is open to negotiation, but will also fight to the end if needed.

"No challenge will hold back China's development, though its development may not be all smooth sailing, and difficulties or even perils are inevitable.

"China will never compromise on major principles concerning its core interests," the white paper added.

It further said: "One prerequisite for a trade deal is that the US should remove all additional tariffs imposed on Chinese exports and China's purchase of US goods should be realistic while ensuring that a proper balance in the text of the agreement is achieved to serve the common interests of both sides."

The world's two largest economies have been locked in nearly a-year-old trade war that, analysts fear, might hurt the global economic growth.

Trump says he is taking on China for its "dodgy" business practices ranging from intellectual property theft to arm-twisting US companies to transfer technologies to their Chinese partners for doing business.

China rejects the charges and says the US is targeting Beijing because of its growing power status in the world.

(Gaurav Sharma can be contacted at sharmagaurav71@gmail.com)

--IANS

gsh/ksk