China’s Big Warning For Countries Signing Trade Deals With US
China is firm and able to protect its own rights and interests, and willing to enhance solidarity with all parties, the ministry stated.
Beijing:
China has cautioned other nations against negotiating a wider trade agreement with the United States at Beijing’s cost, escalating its language in a spiraling tariff war between the two largest economies of the world. China issued the warning following reports that the Trump administration is set to pressure nations approaching the US for tariff talks to slow down trade with China.
While the US President Donald Trump imposed a blanket 10 per cent tariff on the rest of the world, China is hit with levies of as much as 145 per cent on most products. Beijing has also retaliated with duties of 125 per cent on US products.
The Trump administration has reported that several nations are now negotiating with the United States to reduce tariffs. However, on Monday, China’s Commerce Ministry declared that it “firmly opposes” other nations striking wider economic agreements with America that come at its expense.
“Apeasement will not lead to peace, and compromise will not be respected,” a commerce ministry spokesperson stated in a release.
“To pursue one’s own short-term selfish interests at the cost of others’ interests is to pursue the tiger’s skin,” Beijing said.
That method, it cautioned, “will end up in failure on both sides and hurt others”.
“China resolutely opposes any party cutting a deal at the cost of China’s interests,” the spokesperson added.
“If such a case happens, China will never agree and will firmly take mutual countermeasures,” they continued.
Beijing also criticized Washington for “misusing” tariffs against all trading partners under the “banner of so-called ‘equivalence’, as well as coercing all sides to initiate so-called ‘reciprocal tariffs’ talks with them.”
China is resolute and capable of protecting its own rights and interests, and willing to enhance solidarity with all parties, the ministry added.
US-China Trade War
US President Trump’s tariff war has witnessed Washington and Beijing imposing staggering tariffs on each other’s imports, fueling a standoff between the economic giants that has triggered global recession concerns and pushed markets into a free fall.
Previously, based on sources, Bloomberg reported that the Trump administration is set to pressure countries asking for tariff cuts or exemptions from the US into stopping trade with China, including levying monetary sanctions.
Trump further indicated that America had been in discussions with China on tariffs and was confident the largest economies globally would seal an agreement to resolve the souring trade war.
“Yeah, we’re in negotiations with China. I’d say they have reached out quite a number of times,” Trump explained to press persons at the Oval Office yesterday.
“I believe we’ll be making an excellent deal with China.”
China has pledged to battle a trade war “to the end” and has not denied that it is negotiating with Washington, although it has urged dialogue.
It has denounced what it terms “unilateralism and protectionism” by the United States — and warned of an international order descending into the “law of the jungle”.
“Where the strong devour the weak, all nations will become victims,” Beijing said on Monday.
