Trade tensions mount as US and China dispute tariff talks
Trade agreements are expected in three to four weeks, stated US President Donald Trump in an interview with "Time" magazine. He mentioned that the United States is in discussions with China regarding a customs agreement, which Beijing has denied. Trump believes that Xi Jinping has reached out to him.
According to Trump, tariffs are still necessary, and he asserted that if the US continues to apply tariffs on imported goods at 50% in a year's time, he will deem it a "complete victory." The interview with the US president was published on Friday, marking the approach of the hundredth day of Trump's second presidency.
The Republican also highlighted in the interview that Crimea will remain with Russia. The 78-year-old politician argued that the cause of the Russian invasion of Ukraine "was the initiation of talks about joining NATO."
China responds
Meanwhile, Beijing denied on Thursday that any discussions regarding tariffs are underway. "China and the US are not holding consultations or negotiations regarding tariffs," stated Foreign Ministry spokesperson Guo Jiakun during a press briefing.
On Wednesday, the "Wall Street Journal" reported that the White House is considering significantly reducing tariffs on imported Chinese goods to de-escalate the trade dispute with China. According to sources cited by the newspaper, tariffs may decrease from 145% to around 50-65%.
Reuters reported that China is considering exempting some products imported from the US from previously imposed tariffs of 125%. An unnamed source, referenced by the agency, claims that this is the strongest indication that Beijing is concerned about the economic consequences of the trade war with Washington.
The Ministry of Commerce is said to have established a special task force to compile lists of products potentially eligible for exemption, encouraging companies to submit their own applications.
According to the Chinese financial magazine "Caijing," citing its own sources, there are plans to include eight items related to semiconductors, excluding memory chips.
On Friday, a list of 131 product categories that could potentially be exempted was circulated on social media and among companies. This list is said to include, among others, vaccines, chemicals, and jet engines. Reuters could not verify the authenticity of the list, it was noted.
