BANGKOK (AP) — Recently, China pushed back against claims made by U.S. President Donald Trump about ongoing tariff negotiations. The Chinese government described Trump’s comments as unrealistic, likening them to “trying to catch the wind.”
This response followed Trump’s statement that he expected tariffs on Chinese exports to drop significantly from the current rate of 145%. “Our stance is clear; we are open to discussions, but these must be based on mutual respect. Any statements about progress in trade talks are simply not true,” said He Yadong, a spokesperson for China’s Ministry of Commerce.
While Trump indicated everything was “active” between the two countries, his Treasury Secretary contradicted him, saying there were no formal negotiations taking place. The tension is clear. Trump imposed hefty tariffs on Chinese goods, leading Beijing to retaliate with its own tariffs of 125% on U.S. products.
Interestingly, while Trump has offered short-term pauses on tariffs for other nations willing to negotiate, China has faced increased tariffs and restrictions. Beijing, in turn, has taken steps like limiting exports of rare earth minerals and filing complaints against the U.S. at the World Trade Organization.
China maintains that any meaningful discussions on trade should first include the cancellation of existing tariffs. “The U.S. started this problem with unilateral tariff hikes. If they genuinely want to resolve the issue, they must listen to the international community and eliminate these measures,” He added.
Despite the economic friction, Trump expressed a desire for collaboration. “We aim to work together harmoniously,” he stated regarding his relationship with Chinese President Xi Jinping.
The back-and-forth over tariffs highlights a crucial point: trade disputes can have wide-ranging effects on global economies. In fact, according to a recent report from the Peterson Institute for International Economics, the ongoing trade tensions could potentially reduce U.S. GDP by up to 0.4% in the next year if not resolved.
In addition, social media has seen spikes in discussions about trade and tariffs, with many users expressing concerns about prices on everyday goods. The impact of these tariffs may not only affect trade relations but also trickle down to consumers, influencing what we pay at checkout.
This situation is dynamic, with both leaders under pressure to find common ground. As economic conditions fluctuate, the path forward in U.S.-China trade relations remains uncertain.
Source link
China, Donald Trump, China government, International trade, General news, Tariffs and global trade, U.S. Department of Commerce, Politics, Government policy, Economic policy, Business, Washington news, International agreements, Xi Jinping, World news, Washington News, World News