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Chinese government officials are urging US President Donald Trump to fully scrap his reciprocal tariffs as the ongoing trade dispute between the two largest economies in the world continues to intensify.
This week, Trump announced a temporary halt for a range of global tariffs he had previously planned, while simultaneously raising tariffs on Chinese imports to an astonishing 145%.
“We call on the United States to take substantial action to rectify its mistakes, eliminate the unjustified approach of ‘reciprocal tariffs,’ and return to a path of mutual respect,” stated China’s commerce ministry.
In a bid to ease tensions, the Trump administration revealed on Friday that certain technological products, many of which are manufactured in China, would be exempt from these tariffs.
The Chinese commerce ministry described these exemptions as a “minor concession” from the US, adding that Beijing is currently “assessing the implications” of this development.
Exemptions announced by Trump include items such as smartphones, computers, and semiconductors, providing a glimmer of hope for technology firms and consumers concerned about potential increases in prices due to the tariffs.
Nonetheless, prospects for resolving the ongoing rift between the two nations remain limited, with both sides maintaining their protective trade measures.
US Trade Representative Jamieson Greer was questioned on CBS’s Face the Nation regarding any forthcoming communication between Trump and Chinese President Xi Jinping. “At this time, we do not have any plans for that,” he replied.
Earlier in April, Trump enforced tariffs totaling 54% on Chinese imports, which have since escalated to the current rate of 145%.
In retaliation, China has implemented tariffs beginning at 34% on American goods, which were later raised to 84% and then to 125%, officially commencing this past Saturday.
In a statement last week concerning its tariffs, China’s commerce ministry asserted that it would “fight to the end” if the US continues to provoke a trade conflict.
On Saturday, during his trip to Miami, Trump indicated that he would share further details about the exemptions at the beginning of the upcoming week.
The White House maintains that tariffs are a strategic tool intended to negotiate better trade agreements with other nations. Trump has repeatedly claimed that his trade policies aim to rectify perceived unfairness in global markets and encourage domestic job growth as well as the return of manufacturing to the United States.
However, these interventions have led to significant volatility in the stock market and raised concerns about a potential downturn in global trade, which could adversely affect jobs and economies worldwide.
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