Common sense lacking in Washington, says Beijing’s ambassador as tensions escalate
Beijing will not help Washington turn around its trade deficit by agreeing to measures aimed at devaluing the US dollar, according to China’s top envoy to the United States.
Cui Tiankai, Chinese ambassador to the United States, also blamed advisers in Washington for lacking “common sense” amid the escalating trade war.
Cui was speaking on Friday to the US-based think tank Centre for Strategic and International Studies as the world’s two largest economies continue to escalate their tit-for-tat tariff war.
He ruled out a Plaza Accord approach to resolving the US trade deficit, referring to a controversial international agreement which was used in the 1980s to improve the US trade position by devaluing the dollar.
US President Donald Trump has applied tariffs on a total of US$50 billion worth of Chinese imports since July, and is preparing to impose duties on another US$200 billion of Chinese goods next month.
Trump has accused China of using unfair trade practices and industrial policies, leading to a US$375 billion trade deficit with China in 2017.
Beijing has so far retaliated by levying duties on US$50 billion of US goods, and threatened tariffs on an additional US$60 billion of American imports.
“Honestly speaking, we are facing a big problem.
