Rough Seas in the Trade War: Beijing's Clash with "Mr. Genial" Trump
Beijing lashes out at "Mr. Nice Guy" Trump in the customs dispute
Things have taken a turn for the worse in the US-China trade battle. The Chinese Ministry of Commerce lays the blame on the US for not keeping up their end of the bargain, announced just a few weeks ago in Geneva. Beijing insists that the US has imposed new discriminatory restrictions against them, affecting AI and the treatment of Chinese students, among other things.
In a heated response, the Chinese Ministry of Commerce denies any violation of the Geneva agreement and accuses the US of unjustifiably accusing China without scrutinizing their own actions. The Ministry threatens retaliatory measures to protect Chinese interests.
The US, on the other hand, had initially agreed to a 90-day reduction in mutual tariffs, with a drop from 145 to 30% for US tariffs on Chinese imports and a decrease from 125 to 10% for Chinese tariffs on US imports. President Trump had declared that opening up China was his most significant goal, yet he has recently reverted to a hardline stance, claiming that "China, without surprise, has completely violated its agreement with us."
The specific breach Trump is referring to remains unclear. Recent reports suggest that the US is frustrated by China's tariff reductions, but other trade barriers like export restrictions on rare earths are still in place[2]. Trump has implied that he may address the issue in a dialogue with Chinese President Xi Jinping, but no confirmation from Beijing has been forthcoming[1].
The Bottom Line:Trade disputes continue to escalate between the US and China, with each side trading accusations and introducing new restrictions. Despite mounting pressure, the US maintains its focus on leveling the playing field and ensuring fair market access for US exports. Meanwhile, the Chinese Ministry of Commerce vows to defend Chinese interests amidst the ongoing trade war.
[1] "US-China trade war: Trump accuses China of breaking deal," BBC News, May 28, 2023. [2] "White House trade fact sheet," White House press release, May 21, 2023.
- Trade Conflicts
- USA
- China
- Tariffs
- Donald Trump
- Trade Deficits
- Intellectual Property Theft
- Critical Minerals
- The employment policy, among other things, is under scrutiny as the US-China trade war takes a turn for the worse, with the Chinese Ministry of Commerce accusing the US of imposing discriminatory restrictions that affect AI and the treatment of Chinese students.
- In the midst of mounting pressure and escalating trade disputes, the US employment policy remains focused on leveling the playing field and ensuring fair market access for US exports, especially in critical sectors like finance, business, and politics.
