Citing the China Embassy in the United States (USA), the Global Times, a highly influential media of China, declared in an early X on Thursday that Beijing is unlikely that the tariffs come down before the conversations in Switzerland begin.
Outstanding comments
“When asked about the US statement that the tariffs will not lower before the negotiations and has suggested that the conversations were not initiated by the US side, a spokesman for the China Embassy.”
“Second, it is China’s constant position firmly opposing the abuse of tariffs by the US will resolutely defend their legitimate rights and interests, it will maintain international equity and justice, and defend the WTO rules and the multilateral trade system, according to the embassy.”
Market reaction
At the time of writing, the American dollar index (DXY) is lowering 0.25% in the day, while the Chinese proxy, the Australian dollar (AUD) bounces and leads to the Aud/USD torque 0.54% higher than 0.6460.
Commercial War between the US and China Faqs
In general terms, “Trade War” is a commercial war, an economic conflict between two or more countries due to the extreme protectionism of one of the parties. It implies the creation of commercial barriers, such as tariffs, which are in counterbarreras, increasing import costs and, therefore, the cost of life.
An economic conflict between the United States (USA) and China began in early 2018, when President Donald Trump established commercial barriers against China, claiming unfair commercial practices and theft of intellectual property by the Asian giant. China took retaliation measures, imposing tariffs on multiple American products, such as cars and soybeans. The tensions climbed until the two countries signed the Phase one trade agreement between the US and China in January 2020. The agreement required structural reforms and other changes in China’s economic and commercial regime and intended to restore stability and confidence between the two nations. Coronavirus pandemia diverted the attention of the conflict. However, it is worth mentioning that President Joe Biden, who took office after Trump, kept the tariffs and even added some additional encumbrances.
Donald Trump’s return to the White House as the 47th US president has unleashed a new wave of tensions between the two countries. During the 2024 election campaign, Trump promised to impose 60% tariff particularly in investment, and directly feeding the inflation of the consumer price index.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
