Speaking at the US-China Business Council in Washington on Wednesday, Chinese ambassador Xie Feng called the trade relationship “generally balanced” and tariffs on Chinese imports “still unreasonably high”, warning that the US goods deficit would not shrink while export controls, visa denials, and barriers to Chinese firms persist.
“We are willing to buy more from America,” Xie said, adding that “unfortunately” the US had imposed “strict restrictions on the exports of its most competitive products, such as semiconductors, and shut the door on Chinese enterprises, buyers, tourists and students who want to invest and spend in the US”.
“If one is reluctant to sell others what they want, how can it ever get its deficit reduced by exporting only products like soybeans and beef?”
Since 2022, the US has steadily tightened restrictions on China’s access to American technology over concerns it could fuel military advancements. These curbs intensified under US President Donald Trump’s second term.
However, earlier this month, the US agreed to ease some restrictions and allow Chinese students unhindered access to American universities in exchange for increased exports of critical minerals from China.
Talks between the two sides in London produced a framework to implement the trade consensus reached in May in Geneva regarding Trump’s new tariffs on Chinese imports – now reduced from 125 per cent to 55 per cent.
