China MOFCOM: US consumers will have to pay the costs of tariffs

China's Ministry of Commerce (MOFCOM) was out with some comments in the last hour saying that the US needs to address China's concerns in order to reach a deal and tariffs won't help to solve trade imbalances.

Key quotes:

   •  US consumers will have to pay the costs of tariffs.
   •  China is firmly against US bullying, forced to retaliate.
   •  US bullying will eventually hurt the US itself.
   •  US escalation hurts China-US trade talks.
   •  Any progress in trade talks depends on the US attitude.
   •  Trade talks can only continue on the basis of equality.
   •  China will not accept a deal that hurts sovereignty, pride.
   •  China to protect the rights of all foreign companies.