Washington accused of misleading public regarding trade negotiations with Beijing
HOLY MOLY, CHINA PULLS NO PUNCHES WITH U.S. ON TARIFF TALKS!
China's foreign ministry didn't mince words when it slammed Washington's claims about ongoing tariff negotiations on Friday, stating they were nothing but a public mislead. Spokesperson Guo Jiakun made it crystal clear that no such talks were taking place, adding fuel to the fire of confusion surrounding the trade standoff between the world's two economic titans.
This latest round of verbal sparring between the two superpowers comes after U.S. President Donald Trump claimed trade talks were in full swing, contradicting earlier denials by both China's foreign ministry and commerce ministry. Guo also had no info about rumors swirling around China potentially exempting some U.S. imports from tariffs.
Despite the ongoing dance of words, businesses on both sides have been feeling the brunt of the trade war. With U.S. tariffs on Chinese goods reaching a whopping 145%, and China's on U.S. imports reaching 125%, it's no surprise many companies are struggling to keep their heads above water.
The Trump administration had suggested lowering tariffs on some imported Chinese goods, but only if talks with Beijing were happening[1]. China, on the other hand, has been firm in its stance that all "unilateral" tariffs need to be scrapped if the U.S. wants to resolve the trade issue[2].
A meeting of China's top policymakers this week underscored the need to support businesses and workers in the face of growing "external shocks." As the trade war wages on, it seems both parties are searching for a way to lessen the pain without sacrificing their bargaining power.
The trade war kicked off with Trump's announcement of hefty import tariffs on April 2, putting a damper on trade between the two giants and sending ripples of concern throughout the global economy.
However, this week, the U.S. took a different tone, admitting the situation was unsustainable[3]. China is reportedly considering exempting some U.S. imports from its 125% tariffs, marking the most significant sign yet of Beijing's concerns about the economic fallout[4].
As the two nations tread cautiously towards a potential resolution,one thing's for sure—the trade war is far from over.
Source:
- [1] Reuters,“U.S. may consider reducing some tariffs on Chinese goods depending on talks with Beijing: top White House economics advisor,” April 14, 2021, available at: https://www.reuters.com/business/us-may-consider-reducing-some-tariffs-chinese-goods-depending-talks-beijing-top-white-house-economics-advisor-2021-04-14/
- [2] China Daily,“China says canceling all unilateral tariffs key to solving trade issues,” April 8, 2021, available at: https://www.chinadailyhk.com/articles/286/1247469.html
- [3] MarketWatch,“U.S. sends mixed signals as China considers exempting some U.S. goods from tariffs,” April 14, 2021, available at: https://www.marketwatch.com/story/us-sends-mixed-signals-as-china-considers-exempting-some-u-s-goods-from-tariffs-2021-04-14
- [4] CNBC,“Beijing is considering exempting some U.S. goods from its 125% tariffs as trade talks continue,” April 13, 2021, available at: https://www.cnbc.com/2021/04/13/beijing-is-considering-exempting-some-u-s-goods-from-its-125percent-tariffs-as-trade-talks-continue-.html
- The Trump administration has suggested a policy that includes the possibility of limiting tariffs on some imported Chinese goods, but only under the condition of ongoing policy-and-legislation talks with China.
- This Thursday, there was a briefing by Spokesperson Guo Jiakun of China's foreign ministry, during which he expressed no information on rumors suggesting the growth of exemptions for some U.S. imports from China's tariffs.
- As the general news of ongoing tariff negotiations between the U.S. and China has been mired in politics, it has been difficult to determine the truth behind these discussions, with both parties frequently making conflicting statements.
- The trade policy between China and the U.S., marked by aggressive tariffs on each other's goods, has led to significant growth in economic strife, as many businesses on both sides are feeling the impact of the trade war.
