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China announced this week that it would raise tariff rates on some of the $60 billion list of U.S. goods that have already imposed tariffs. Compared with the $200 billion in Chinese goods imposed by the United States, China's list is paltry.
The United States also launched attacks on other fronts. In addition to targeting Chinese technology companies such as Huawei and ZTE (000063.SZ), it also dispatched warships across the Taiwan Strait.
According to several sources familiar with China's high-level thinking, with increasing pressure, China's leadership is now committed to reaching an agreement with the United States in order to avoid prolonged trade war, which may hinder China's long-term economic development.
But Beijing authorities are also concerned that if they are deemed to have made too many concessions to the United States, they may face a backlash of national consciousness at home.
Sources said that if China agreed with the request of the United States and stopped providing subsidies and tax incentives to state-owned enterprises and strategic industries, it would be tantamount to overthrowing China's government-led economic model and weakening the Communist Party's control over the economy.
"We still have ammunition, but probably not all of it," said a policy insider. Because of the sensitivity of the situation, the person asked for anonymity.
"The aim is to reach an agreement acceptable to both parties."
The Information Office of the State Council, the Ministry of Finance and the Ministry of Commerce have not yet responded to Reuters'request for comment.
None of China's retaliation options carries no potential risk.


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