00:00China hit back at higher U.S. tariffs on Thursday, with leaders saying they will not yield to
00:07what they say are coercion and threats.
00:10The Chinese foreign minister made clear that there are no winners in a trade war.
00:16China's position is clear and consistent.
00:20Whether it's a tariff war or a trade war, whether it's a cold war or a hot war,
00:26we can't win or we can't win.
00:29As China's economic growth could see a hit if exports reduce, the country is hoping to
00:34boost internal production and consumption to combat a potential slowdown.
00:39The Chinese Minister of Commerce acknowledged that Chinese exporters face serious challenges
00:43and that the country is also dealing with slower consumer spending.
00:47But at the same time, we also see that domestic consumption needs are insufficient.
00:52The problem of insufficient consumption potential is more prominent.
00:56Let's take a closer look.
00:59From the point of view of commodity consumption, the main problem is that the ability to consume,
01:04the willingness to consume is weak.
01:06China has also hit the U.S. with duties and other restrictions on American goods.
01:10The commerce minister, however, stressed that China is open to resolving differences over trade.
01:15He added that his country expects mutual respect in its dealings with other countries.
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