Crypto News

China calls on the United States to completely cancel tariffs.

China calls on the United States to completely cancel tariffs.
© Copyright Image: Coindoo

In a strongly worded statement on Sunday, Chinas Ministry of Commerce said the U.S. should take a big step to correct its mistakes and abandon the tariff policy altogether.

We urge the U.S. to completely cancel the wrong practice of reciprocal tariffs and return to the right path of mutual respect, said a ministry spokesperson.

Beijing Stands Firm Amid Trade Escalation

The call comes just a day after Chinas retaliatory tariffsraising import duties on U.S. goods to 125%officially took effect. This move followed President Donald Trumps decision earlier this month to hike tariffs on all Chinese goods to a staggering 145%.

While the U.S. announced a 90-day pause on tariffs for most countries, China was excluded from the reprieve, further escalating tensions between the worlds two largest economies.

U.S. Tech Industry Gets Partial Relief

Despite the escalating trade war, the U.S. Customs and Border Protection agency announced Friday that key tech itemssuch as smartphones, laptops, and semiconductor componentswould be exempt from the tariffs.

The exemption, which could provide significant relief to American companies like Apple, Nvidia, and Dell, covers more than 20% of total Chinese imports, according to Gerard DiPippo, senior researcher at RAND Corporation.

Chinas commerce ministry described the exemption as a small step and noted that Beijing is still assessing its broader implications.

Semiconductor Tariffs Still Loom

President Trump said over the weekend that a very specific announcement regarding tariffs on global semiconductor imports would be made Monday. This leaves uncertainty hanging over one of the most globally integrated and strategically important sectors.

China Moves to Strengthen Global Partnerships

As the U.S. doubles down on tariffs, China is shifting gears diplomatically, positioning itself as a stable alternative. President Xi Jinping will embark on a five-day tour of Southeast Asia starting Monday, meeting with leaders in Vietnam, Malaysia, and Cambodiaall key trade partners.

On Friday, Commerce Minister Wang Wentao warned the WTO that the U.S. tariff policy threatens developing nations and global trade stability.

President Xi also called for joint resistance against unilateral bullying in a recent meeting with the Spanish Prime Minister, reinforcing Chinas strategy of rallying international support.

U.S. Awaits Beijings Next Move

Despite the intensifying rhetoric, Washington maintains it is open to dialogue. The White House said President Trump remains optimistic about reaching a deal, though officials have emphasized that China must initiate the next round of talks.

The post China calls on the United States to completely cancel tariffs. appeared first on Coindoo.

Read more: https://coindoo.com/china-calls-on-the-united-states-to-completely-cancel-tariffs/

Text source: Coindoo

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories