2 weeks Ago
China's commerce ministry has called the latest tariff exemptions a "small step" and has urged US President Donald Trump to "correct mistakes and completely abolish" the reciprocal tariffs imposed on Chinese imports. What started with a 20% tariff levy has now ballooned into a 145% tariffs as both sides have refused to budge on making the first move towards a potential trade deal. The Ministry said it is evaluating the impact of the latest round of exemptions.
“We urge the U.S. to heed the rational voices of the international community and domestic parties, take a big stride in correcting its mistakes, completely abolish the wrongful action of ‘reciprocal tariffs,’ and return to the correct path of resolving differences through equal dialogue based on mutual respect,” the ministry statement said, according to CNBC.
The US Trade Representative Jamieson Greer clarified on Sunday that currently, there are no plans for Donald Trump and Chinese President Xi Jinping to speak. “Public opinion widely views this as another retreat by the U.S.
government on its tariff policies,” the official Beijing Daily wrote. On China’s popular social media platform Weibo, the hashtag “Trump administration retreats again” ranked No. 2 on the hot search list.
A 20% tariff on all Chinese products still remains in effect, despite the tariff exemption announcement and US Commerce Secretary Howard Lutnick also clarified that these exemptions are only temporary in nature, adding to further uncertainty. (With Inputs From Agencies.).
