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BANGKOK (AP) 鈥� China again vowed to 鈥渇ight to the end鈥� against Donald Trump’s tariffs in a lengthy policy statement published Wednesday, arguing that trade between the two countries is in balance as a 104% tax on the country’s exports to the U.S. came into effect.

The government declined to say whether it would negotiate with the White House, as many other countries have started doing.

鈥淚f the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end鈥� the Ministry of Commerce wrote in a statement introducing the white paper.

Last Friday, China announced a 34% tariff on all goods imported from the U.S, export controls on rare earths minerals, and a slew of other measures in response to Trump’s 鈥淟iberation Day鈥� tariffs. Trump then added an additional 50% tariff on goods from China, saying negotiations with them were terminated.

So far, China has not appeared interested in bargaining. 鈥淚f the U.S. truly wants to resolve issues through dialogue and negotiation, it should adopt an attitude of equality, respect and mutual benefit,鈥� said Ministry of Foreign Affairs spokesman Lin Jian Wednesday.

The paper says that the U.S. has not honored the promises it made in the phase 1 trade deal concluded during Trump鈥檚 first term. As an example, it said that a U.S. law that would ban TikTok unless it is sold by its Chinese parent company violates a promise that neither would 鈥減ressure the other party to transfer technology to its own individuals.鈥�

Trump signed an order to keep TikTok running for another 75 days last week after a potential deal to sell the app to American owners was put on ice. ByteDance representatives called the White House to indicate that China would no longer approve the deal until there could be negotiations about trade and tariffs.

The paper also argued that taking into account trade in services and U.S. companies鈥� domestic Chinese branches, economic exchange between the two countries is 鈥渞oughly in balance.鈥�

It says that China had a trade in services deficit with the U.S. of $26.57 billion in 2023, which is composed of industries like insurance, banking and accounting. Trump’s tariffs were designed to close trade deficits with foreign countries, but those were calculated only based on trades in physical, tangible goods.

鈥淗istory and facts have proven that the United States鈥� increase in tariffs will not solve its own problems,鈥� said the statement from the Chinese commerce ministry. “Instead, it will trigger sharp fluctuations in financial markets, push up U.S. inflation pressure, weaken the U.S. industrial base and increase the risk of a U.S. economic recession, which will ultimately only backfire on itself.

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AP researcher Yu Bing and producer Liu Zheng contributed to this report from Beijing.