The Chinese foreign ministry called for dialogue between China and the United States on Wednesday as an additional 10% in U.S. tariffs on all Chinese products kicked in.
China’s Counter Tariff
China, in response to the latest U.S. tariffs, has announced counter-tariffs of up to 15% on some U.S. imports starting on Feb. 10, buying Washington and Beijing time to try to hammer out a deal.
U.S. President Donald Trump said on Tuesday he was in no hurry to speak to Chinese President Xi Jinping to try to defuse a new trade war between the world’s two largest economies.
“What is needed now is not unilateral, additional tariffs but dialogue and consultation based on equality and mutual respect,” said Lin Jian, spokesperson at the Chinese foreign ministry, at a regular news conference.
New Round Of Talks
A new round of talks between Trump and Chinese President Xi Jinping, building on their last telephone call two weeks ago, is seen as key to a potential easing or delay of U.S. tariffs as conversations with Mexican and Canadian leaders did on Monday in their bids to avert U.S. tariffs on Mexican and Canadian goods.
Trump has also cancelled the so-called “de minimis” exemption on U.S. tariffs on inbound shipments, further tightening the inflow of Chinese goods.
The exemption had allowed goods worth $800 or less to be shipped to the United States without having to pay import duties, many of which come from mainland China and Hong Kong.
The International Monetary Fund, which last month warned that a spike in protectionist policies could hit investment and disrupt supply chains, said it was “in the interests of all to find constructive ways to resolve disagreements and enable trade.”
(With inputs from Reuters)
