The ambassador to the US has urged a balance of yin and yang in Sino-American relations, but warned that Beijing is ready to fight

China's envoy to the US has urged Washington to avoid the mistakes that contributed to the Great Depression of the 1930s and called for peaceful coexistence, while warning that Beijing is ready to retaliate amid the escalating trade war.

The tariff standoff with Beijing comes amid a broader US campaign targeting dozens of countries. While most of the elevated tariffs were paused for 90 days, China was excluded from the reprieve. The total tariff on Chinese goods has been hiked to 145%.

In response, Beijing imposed 125% tariffs on imports of American goods and restricted exports of minerals essential for high-tech manufacturing.

Speaking at a Traditional Chinese Medicine event in Washington on Saturday, Ambassador Xie Feng warned that the import duties could upend the global economy, drawing a parallel to the US tariff policies of 1930 that contributed to the Great Depression, according to the Chinese embassy's website.

Referring to principles from traditional Chinese medicine, he said it's important to tackle root causes rather than merely treating symptoms and called for joint efforts to expand the global economy instead of competing over existing resources.

"You can't just treat a headache by just focusing on the head, or foot pain by only targeting the feet," Xie said. "And you certainly shouldn't prescribe medicine to others when you're the one who's sick."

He cited US protectionist policies of the past - particularly the tariff-laden Smoot-Hawley Tariff Act, which is widely believed to have deepened the Great Depression. The act, aimed at protecting American agriculture and manufacturing with import duties of up to 75% on essentials such as car parts and wool, triggered a sharp decline in global trade that worsened the Great Depression.

"I believe many of you are familiar with how the Smoot-Hawley Tariff Act ultimately escalated the Great Depression," the envoy said.

Citing philosophy, he pointed to the need for balancing the opposing forces of yin and yang and said that harmony should be the guiding principle in relations between the world's two largest economies.

He said that the two nations should pursue "peaceful coexistence" rather than confrontation, and support each other's success instead of falling into a lose-lose scenario.

Xie stated that China opposes the trade war and will respond with retaliation against any country that imposes tariffs on it.

Last week, US President Donald Trump said that talks were underway with Chinese officials, noting that Washington has "nice conversations going with China. It's, like, really very good."

(RT.com)