The US-China trade war took a new turn with China on Thursday denying what President Donald Trump has been claiming over the past few days -- that trade talks are going on actively with all countries, including China. Trump has also said that China's tariffs would come down "substantially" from the current 145 per cent. ' Trump chickened out ' started trending on Chinese social media, CNN reported citing posts like 'He's like a child who changes his stances instantly', 'Today's Trump beat yesterday's Trump, what will tomorrow's Trump do?' etc. Meanwhile, the Wall Street Journal delivered its verdict that China called Trump's bluff and won this round.
US-China trade war: What is the situation now?
Trump had put 145 per cent tariffs on imports from China, while China hit back with 125 per cent tariffs on US products. While Trump has given other countries a 90-day pause on the tariffs, as their leaders pledged to negotiate with the US, China remained the exception. China restricted exports of rare earth minerals and raised multiple cases against the US at the World Trade Organization.
The Trump administration claimed that, like all other countries, China too has reached out to the administration and talks are on for an agreement. But China contradicted the claim and said talks should involve the cancellation of all tariffs in the first place. “China’s position is consistent and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner,” said ministry of commerce spokesman He Yadong. “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”
“The unilateral tariff increase measures were initiated by the United States. If the United States really wants to solve the problem, it should face up to the rational voices of the international community and all parties at home, completely cancel all unilateral tariff measures against China, and find ways to resolve differences through equal dialogue,” said He, the spokesman.
Trump's treasury secretary Scott Bessent on Wednesday claimed "there is an opportunity for a big deal here" between US and China.
Wall Street Journal says China won this round
The editorial board of the Wall Street Journal gave its verdict that China seems to have won this round of the trade war. "When Mr Trump imposed his tariffs in the first term, President Xi Jinping retaliated with some restraint and sent a delegation to negotiate a trade deal. This time he retaliated in tit-for-tat fashion and pushed all of his anti-US economic and diplomatic levers..."
US-China trade war: What is the situation now?
Trump had put 145 per cent tariffs on imports from China, while China hit back with 125 per cent tariffs on US products. While Trump has given other countries a 90-day pause on the tariffs, as their leaders pledged to negotiate with the US, China remained the exception. China restricted exports of rare earth minerals and raised multiple cases against the US at the World Trade Organization.
The Trump administration claimed that, like all other countries, China too has reached out to the administration and talks are on for an agreement. But China contradicted the claim and said talks should involve the cancellation of all tariffs in the first place. “China’s position is consistent and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner,” said ministry of commerce spokesman He Yadong. “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”
“The unilateral tariff increase measures were initiated by the United States. If the United States really wants to solve the problem, it should face up to the rational voices of the international community and all parties at home, completely cancel all unilateral tariff measures against China, and find ways to resolve differences through equal dialogue,” said He, the spokesman.
Trump's treasury secretary Scott Bessent on Wednesday claimed "there is an opportunity for a big deal here" between US and China.
Wall Street Journal says China won this round
The editorial board of the Wall Street Journal gave its verdict that China seems to have won this round of the trade war. "When Mr Trump imposed his tariffs in the first term, President Xi Jinping retaliated with some restraint and sent a delegation to negotiate a trade deal. This time he retaliated in tit-for-tat fashion and pushed all of his anti-US economic and diplomatic levers..."
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