China accused the US of lacking sincerity on trade talks on Tuesday as US President Donald Trump renewed tariff threats against Beijing.
The Chinese Ministry of Foreign Affairs urged the US to “show respect” if it wanted to engage in trade talks with Beijing. The comments came after Trump on Monday threatened to ratchet up tariffs on Chinese goods to over 100 per cent and terminate future trade talks if Beijing did not withdraw its retaliatory tariffs against Washington.
Trump’s reciprocal tariffs targeting almost all US trading partners, announced on Wednesday, have sent global markets into turmoil, with the Shanghai Composite Index experiencing its biggest one-day decline since the 2008 financial crisis.
China has been hardest hit with a 34 per cent tariff, which was added to existing duties of 20 per cent introduced over the past two months.
China quickly retaliated on Friday with a reciprocal 34 per cent tariff on all US imports to take effect on Thursday. It also imposed export controls on critical minerals and 16 American defence and tech companies.
Trump wrote on social media on Monday that if Beijing did not withdraw the 34 per cent tariffs by Tuesday, he would impose an additional 50 per cent tariff on China from Wednesday.
