China would welcome a successful outcome from upcoming trade talks with the United States, but is fully prepared for all outcomes and will not negotiate on core interests, a Chinese government official said on Wednesday, Reuters reported.

Talks must be held as equals and be mutually beneficial, said the official, who declined to be named, adding that Beijing would not yield to any trade threats from Washington or accept any preconditions for talks.

A top-level U.S. trade delegation is traveling to Beijing for talks on Thursday and Friday amid a festering dispute between the world’s two largest economies.

U.S. President Donald Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its joint-venture requirements and other policies he says force American companies to surrender their intellectual property to state-backed Chinese competitors.