China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the United States at its expense.
The warning ratchets up Beijing’s rhetoric in a spiralling trade war between the world’s two biggest economies.
Beijing will firmly oppose any party striking a deal at China’s expense and “will take countermeasures in a resolute and reciprocal manner,” its Commerce Ministry said.
The ministry was responding to a Bloomberg report that said the Trump administration is preparing to pressure nations seeking tariff reductions or exemptions from the US to curb trade with China, including imposing monetary sanctions.
President Donald Trump paused the sweeping tariffs he announced on dozens of countries on April 2nd except those on China, singling out the world’s second largest economy for the biggest levies.
In a series of moves, Washington has raised tariffs on Chinese imports to 145 per cent, prompting Beijing to slap retaliatory duties of 125 per cent on US goods. Last week, China signalled that its own across-the-board rates would not rise further.
“The United States has abused tariffs on all trading partners under the banner of so-called ‘equivalence’, while also forcing all parties to start so-called ‘reciprocal tariffs’ negotiations with them,” the ministry spokesperson said.
China is determined and capable of safeguarding its own rights and interests, and is willing to strengthen solidarity with all parties, the ministry said.
Pursuing a hardline stance, Beijing will this week convene an informal United Nations Security Council meeting to accuse Washington of bullying and “casting a shadow over the global efforts for peace and development” by weaponising tariffs.
Earlier this month, US trade representative Jamieson Greer said nearly 50 countries have approached him to discuss the steep additional tariffs imposed by Mr Trump.
Several bilateral talks on tariffs have taken place since, with Japan considering raising soybean and rice imports as part of its talks with the US while Indonesia is planning to increase US food and commodities imports and reduce orders from other nations.
Mr Trump’s tariff policies have rattled financial markets as investors fear a severe disruption in world trade could tip the global economy into recession. – Reuters
