China pushes back: Wang Yi brands trump a 'trade bully'
Chinese Foreign Minister Wang Yi called for resistance against the "bully," referring to U.S. President Donald Trump. The diplomat warned against yielding to the Republican's demands on tariffs. Bloomberg notes that China is seeking to position itself as a bastion of free trade.
Wang Yi, the head of China's Ministry of Foreign Affairs, cautioned at a BRICS group meeting on Monday that yielding to the tariffs imposed by Donald Trump's administration would only encourage the "bully," meaning the U.S. President. He used the term "bully," which can also mean a schoolyard bully.
"The United States, which has long benefited significantly from free trade, is now using tariffs as a bargaining chip to demand exorbitant prices from all countries," stated the head of China's Ministry of Foreign Affairs.
At a meeting of senior diplomats in Brazil, he declared that if one chooses to remain silent, compromise, and hide, it will only embolden the "tyrant" to continue trying his luck, Bloomberg reports.
China as a bastion of a free market
Bloomberg notes that China is seeking to present itself as a "bastion of free trade" on a global scale. According to experts, the Chinese are striving to show strength and determination not to display weakness against the U.S. This does not imply that Beijing won't pursue a deal with Washington to limit or eliminate tariffs.
The Chinese government is considering suspending the 125% tariff on certain American goods imported from the U.S. Simultaneously, on Monday, Chinese officials announced they would offer greater support to exporters affected by American tariffs, such as providing loans for companies. Additionally, Beijing promised to lower interest rates.
Since April, American tariffs on goods from China have increased to 145%, which has caused a 60% decrease in goods transport. As a result, by mid-May, many companies, including Walmart and Target, may face product shortages and rising prices.
Sean Stein from the U.S.-China Business Council recently told NBC News that goods are expected to start running out within a few weeks. Empty shelves may evoke memories of the start of the COVID-19 pandemic when supply chains were disrupted, and new solutions had not yet been developed.
The sight of empty ports on the U.S. West Coast raises concerns about Donald Trump's trade war, reports "Fortune" magazine.
