Bloomberg reports: "The U.S. and China clashed at a World Trade Organization meeting with Washington demanding reforms to make the Chinese economy more responsive to market forces. Chinese Ambassador Zhang Xiangchen said Beijing wouldn't respond to heavy-handed tactics. "Extortion, distortion or demonization does no good to resolve the issues," Zhang said Thursday in Geneva. "Holding our feet to the fire has never worked." The Chinese government has drawn up plans to retaliate against any additional U.S. tariffs, regardless of the volume of goods targeted, another Chinese official said at an event in Beijing."