US tariff proposal under review by China: claim
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The dance of diplomacy is still in full swing between China and the U.S. On the 2nd of May, Beijing hinted at reviewing a proposed negotiation from the States regarding the excessive tariffs slapped on their goods by both nations. The Ministry of Commerce mentioned, "The Yanks have been throwing their hat in the ring several times to theatre some dialogue (...), claiming they want to chat. China is currently pondering this offer."
Charting the Trade War's Toll
The United States has cranked up an additional 145% tax on a hefty chunk of Chinese goods since April. In response, China clapped back with a 125% tariff on US imports. Donald Trump quipped on a Wednesday affair that there exists a "strong possibility" that the two nations will seal a peace treaty. China, on the other hand, is reported to be all ears for talks but only on the condition of "mutual respect".
"Stand Your Ground"
"If the States want a gab, they gotta show their genuine commitment, drop their erratic practices and axe unilateral tariffs, and walk the walk," the Chinese Ministry of Commerce reiterated on the 2nd. Furthermore, they warned, "If the US side doesn't mend its one-sided and questionable tariffs, it's clear as day that the US side is pure insincere and will continue to harm the rapport between the two camps."
The Trump administration has set a ticking clock of 90 calendar days, ending in July, for a whack load of countries to strike a pact with Washington and steer clear of increased tariffs. Beijing, in a show of resolve, vows to "fight to the bitter end" if necessary. A video posted this week on social media by its Ministry of Foreign Affairs boasts to "stand strong".
Did You Know?The tangle of trade agreements, tariffs, and diplomatic maneuvers can be a tricky labyrinth to navigate. Here's a peek at some key issues and sticking points that both nations are grappling with.
China seeks the complete withdrawal of Trump-era tariffs, while the US is keen on limited relief in exchange for compliance with previous agreements. This uneasy dance also involves the expansion of market access, stricter tech control, and transparency in subsidies.
As for mutual trust, China demands diplomatic parity and economic sovereignty, while the US strives for reciprocity and adherence to global trade rules. However, even as they meet at the negotiating table, China's political stance on Taiwan and the US efforts to restrict China’s semiconductor access continue to be sticking points.
Recent developments have seen limited working-level talks on trade, climate, and AI. The US is also focusing on "friend-shoring" supply chains, aiming to reduce direct confrontation. A significant milestone was the November 2023 meeting between Xi and Biden, which eased tensions but yielded no major trade breakthroughs.
Progress towards a resolution remains elusive due to deep-rooted differences. However, the path forward could involve pragmatic deals in sectors like climate tech and green manufacturing to rebuild trust, the mediation of multilateral bodies like the G20 or APEC, and the pressure of domestic politics in both nations.
- The Chinese Ministry of Commerce announced its sincerity towards discussion with the United States, but only under mutual respect, as the U.S. must show genuine commitment, drop erratic practices, and eliminate unilateral tariffs.
- The Trump administration has given a 90-day deadline for countries to strike a pact with Washington, avoiding increased tariffs, a move that Beijing vows to resist if necessary.
- The dance of diplomacy between China and the U.S. involves complex issues, such as the complete withdrawal of Trump-era tariffs, the expansion of market access, stricter tech control, and transparency in subsidies.
- The political stance on Taiwan and efforts to restrict China’s semiconductor access continue to be sticking points, despite limited working-level talks on trade, climate, and AI.
- Recent developments, including the November 2023 meeting between Xi and Biden, have eased tensions but yielded no major trade breakthroughs.
- The path forward towards a resolution may involve pragmatic deals in sectors like climate tech and green manufacturing to rebuild trust, the mediation of multilateral bodies like the G20 or APEC, and the pressure of domestic politics in both nations.
