China's ambassador to the United States, Xie Feng, has urged Washington to seek common ground with Beijing and pursue peaceful coexistence while warning that China stood ready to retaliate in the escalating trade war.

Speaking at a public event in Washington on Saturday, details of which were posted on the Chinese embassy's web site, Xie said tariffs would devastate the global economy and drew a parallel between the Great Depression and tariffs imposed by the U.S. in 1930.

Referring to concepts in traditional Chinese medicine like the need to balance the opposing forces of yin and yang, Xie said harmony should guide relations between the world's two largest economies.

"A good traditional Chinese medicine recipe usually combines many different ingredients which reinforce one another and creates the best medical effect," he said.

"Likewise, the earth is big enough to accommodate both China and the U.S.," he said. "We should pursue peaceful coexistence rather than collide head-on, and help each other succeed rather than get caught in a lose-lose scenario."

The trade war has all but frozen the mammoth trade between the world's two largest economies with tariffs over 100% in each direction and a suite of trade, investment and cultural restrictions.

China's top shipbuilding association on Saturday attacked a U.S. plan to apply port fees on China-linked ships.

While Japan, Taiwan and others are already in talks or preparing to negotiate with Washington over President Donald Trump's "Liberation Day" tariffs, there is currently no high-level dialogue planned with China.
Trump said on Friday the U.S. is having good conversations privately with China amid the two countries' trade war.

"By the way, we have nice conversations going with China," he told reporters at the White House. "It's, like, really very good." He did not offer additional details.
China has said the U.S. should show respect before any talks can take place.

Xie said China opposed the trade war and would retaliate to any country imposing tariffs on it.

Source: Investing.com