China Engages with U.S. Trade Talks Amid High Tariffs and Market Turmoil
China's Commerce Ministry evaluates U.S. offers for trade discussions, insisting on tariff reductions as conditions for progress.
Overview
China's Commerce Ministry stated it is evaluating U.S. offers for trade negotiations, yet maintains that the U.S. must revoke punitive tariffs of 145% to build trust. Meanwhile, reports indicate the U.S. has made attempts to initiate talks, with Treasury Secretary Scott Bessent expressing confidence in reaching a deal. China's public messaging remains critical of the U.S., accusing it of coercion and extortion among its trade policies. Despite the tensions, both countries have introduced some tariff exemptions to mitigate the economic fallout from their ongoing trade war, which continues to impact global markets significantly.
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Associated Press·2M·FAQ
China has imposed retaliatory tariffs of up to 125% on American products, targeting sectors like agriculture and strategic minerals.
The U.S. has imposed tariffs as high as 245% on certain Chinese imports, which Beijing describes as unilateral and harmful to bilateral trust.
China demands the U.S. show sincerity by canceling punitive tariffs and correcting what it calls 'wrong practices' in trade policy.
The trade war has caused turmoil in global stock and bond markets, with recent talks prompting cautious optimism, as seen in Asian stocks edging higher and U.S. futures reversing losses.
Treasury Secretary Scott Bessent expressed confidence that China wants a deal, emphasizing a multi-step process starting with de-escalation and eventual focus on a larger trade agreement.
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