Main Takeaways:
- Trump declared that he is negotiating a deal with China, but the country has denied his statements.
- A communications officer for China’s Ministry of Commerce said that the things being said about progress in China-U.S. trade talks are not true and have no real proof.
- A communications officer for China’s Ministry of Foreign Affairs mentioned that China and the U.S. had not started tariff discussions, not to mention reaching an agreement.
According to the reports, President Donald Trump said that the U.S. and China were trying to settle the tariff dispute, but Beijing rejected his statements. On April 24, China said it had not had trade talks with the U.S., even though Trump kept saying there had been discussions.
A communications officer for China’s Ministry of Commerce, He Yadong, said that any statements about the progress of China-U.S. trade talks were baseless and have no real proof. A communications officer for China’s Ministry of Foreign Affairs, Guo Jiakun, also admitted that China and the U.S. had not yet held discussions or talks on levies, not to mention reaching an agreement.
Beijing Dismisses Claims of Ongoing Trade Talks with U.S.
China has rejected President Donald Trump’s statements that the U.S. and China were at the negotiations aimed at resolving the trade dispute. He Yadong, a communications officer for China’s Ministry of Commerce, noted that Trump’s statements regarding the progress of China-U.S. trade talks were baseless and have no real proof.
Donald Trump said that he intended to be kind to finalise an agreement, as Washington talks it with Beijing this week. The President said the 145% tax on Chinese goods is “too high” and promised it would “go down a lot.”
On Thursday, another Chinese official rejected the President’s claims and said China was willing to negotiate only if certain conditions were met. Jiakun pointed out that China’s position is clear: if the U.S. wants to fight, China will fight back, but if they want to talk, China is open to discussions.
“China and the United States have not had talks or discussions about tariffs, much less come to an agreement.”
-Guo Jiakum, communications officer for China’s Ministry of Foreign Affairs.
Even though China said talks were not happening, Trump kept saying they were during a short chat with reporters on Thursday, while standing with Norway’s prime minister. He said there was a meeting that morning and said it did not matter who “they” were. Trump also said he would talk more about the meeting later and made it clear that “we have been meeting with China.”
Washington imposed the highest tariffs on China compared to any other country, and the nation has returned 125% on American imports. It was also mentioned on Wednesday that the Trump administration was thinking about removing the tariffs to 50 percent.
Trade War Between U.S. and China Sparks Market Instability
U.S. businesses are dealing with higher import costs, while Chinese exports are decreasing because of lower demand from the U.S. The world hoped for a decrease in the trade war, which led to a rise in the stock market on Wednesday.
Stock futures dropped sharply on Thursday morning after investors received conflicting comments from Washington and Beijing. Gaurav Mallik, chief investment officer of Massachusetts-based Pallas Capital Advisors, thinks that the market will experience some ups and downs until a more stable solution is found for the tariff negotiations.
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