US President Donald Trump escalated his trade-war rhetoric on Monday, threatening unspecified countries with tariffs if they "will not make fair deals with us". Last week Mr. Trump told reporters such a move could come "very soon".
The trade tiff has yet to be felt in USA markets as the tariffs, which now are set at 3.8 per cent, may rise to just 10 per cent, which most companies can handle in a growing economy, said Brian Nick, chief investment strategist at said on Monday he would announce his latest plan on China tariffs after the markets close.
The president has suggested, tariffs on a couple hundred billion dollars.
The person who attended the event and is familiar with the White House's thinking said such a move would likely attract sharp retaliation from Washington, which has studied its own limits on exporting key technologies to China.
The Chinese foreign ministry said Thursday that it was invited to hold new talks.
Washington, Europe and other trading partners say those plans violate China's market-opening commitments. US 30-year yields also hit a four-month peak of 3.159 percent, while 2-year yields soared to 2.799 percent, the strongest level in 10 years.
China has tried without success to recruit Germany, France, South Korea and other governments as allies against Washington.
Indeed, many critics of Chinese economic policy in the USA hope the escalating trade dispute will discourage companies in the US and elsewhere from investing in China. "And it will be a lot of money coming into the coffers of the United States of America".
The comments by Lou Jiwei, a former finance minister and chairman of China's sovereign wealth fund, follow reports regulators are squeezing American companies by slowing down customs approvals and stepping up environmental and other inspections.
The president has vowed to put punitive tariffs on another $200 billion in Chinese goods, meaning tariffs would now affect roughly half of what the United States buys from China - its largest source of imported merchandise.
"Only knowing the pain of fighting will stop the war and cause (the United States) to negotiate seriously", said Lou.
Lou is chairman of the National Council for Social Security Fund.
"If the U.S. launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.