China has the US of bullying as Donald Trump’s tariffs continue to cause economic chaos. Beijing urged American company representatives, including those from Tesla, to “take concrete actions” in addressing the levies. According to Ministry of Foreign Affairs spokesperson Lin Jian, placing “America First” above global regulations harms the global production and supply chain, threatening global economies.
The SSE Composite Index – all stocks traded at the Shanghai Stock Exchange – was down by over 8% at one point on Monday after the US president imposed an additional 34% tariff on Chinese goods last week. Beijing was swift to respond, setting its own reciprocal 34% tariff on American products to match Trumps rate applied to Chinese goods.
The People’s Daily, the mouthpiece of the Communist Party, stated: “Faced with the indiscriminate punches of US taxes, we know what we are doing, and we have tools at our disposal.”
Mr Trump responded on his platform, Truth Social: “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long-term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate.
“They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!”
China’s economy is sensitive to fears of a global trade war and following recession, causing slumps in the stock market.
It remains uncertain whether Chinese President Xi Jinping will engage in talks with Mr Trump to negotiate over the disputed tariffs. Inquiries regarding a potential summit were deflected by Lin to other branches of government.
Lin added: “Pressure and threats are not the way to deal with China. China will firmly safeguard its legitimate rights and interests.”
Over the weekend, delegates from the Chinese government hosted discussions with representatives from several American corporations, including Tesla and GE Healthcare.
Ling Ji, a deputy minister of Commerce, said: “The root of the tariff problem is in the US. We hope the American companies can address the problem at its root, … issue reasonable statements, take concrete actions, and work together to safeguard the stability of the global supply chain.”
