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China calls for consultation with Washington on equal

footing

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Chinese commerce groups aim to seek new markets, warn of

US

inflation

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Global stock markets fell sharply for the week after

tariff

moves

By Antoni Slodkowski

BEIJING, April 5 (Reuters) - China said on Saturday "the

market has spoken" in rejecting U.S. President Donald Trump's

tariffs, and called on Washington for "equal-footed

consultation" after global markets' dramatic reaction to the

trade levies, which drew Chinese retaliation.

Several Chinese commerce associations in industries from

healthcare and textiles to electronics also issued statements on

Saturday calling for unity in exploring alternative markets and

warning that the tariffs would worsen inflation in the U.S.

"The market has spoken," Chinese foreign ministry

spokesperson Guo Jiakun said in a post on Facebook on Saturday

morning. He also posted a picture capturing Friday's falls on

U.S. markets.

Trump introduced additional 34% tariffs on Chinese goods as

part of steep levies imposed on most U.S. trade partners,

bringing the total duties on China this year to 54%.

Trump also closed a trade loophole that had allowed

low-value packages from China to enter the U.S. duty-free.

This prompted sweeping retaliation from China on Friday,

including extra levies of 34% on all U.S. goods and export curbs

on some rare earths, escalating the trade war between the

world's two largest economies.

Global stock markets plummeted following China's retaliation

and Trump's comments on Friday that he would not change course,

extending sharp losses that followed Trump's initial tariff

announcement earlier in the week and marking the biggest losses

since the pandemic. For the week, the S&P 500 was down 9%.

"Now is the time for the U.S. to stop doing the wrong things

and resolve the differences with trading partners through

equal-footed consultation," Guo wrote in English.

China's chamber of commerce representing traders in food

products called on "China's food and agricultural products

import and export industry to unite and strengthen cooperation

to jointly explore domestic and foreign markets."

The metals and chemicals traders' chamber said the tariffs

"will push up the import cost for U.S. importers and the

consumption cost for consumers, exacerbate domestic inflation in

the U.S., and increase the possibility of a U.S. recession."