FX.co ★ China Refuses to Play U.S. Tariff Game

Beijing has strongly refuted the U.S.'s portrayal of a 'tariff numbers game,' according to a statement from China's foreign ministry on Thursday. This comes after the White House detailed how China’s retaliation has led to tariffs reaching up to 245%. This breakdown includes a 125% reciprocal tariff, a 20% duty related to fentanyl, and additional tariffs ranging from 7.5% to 100% targeting unfair trade practices. Recently, President Trump imposed new global tariffs, then later reduced them for many nations, with China as a notable exception. In retaliation, Beijing increased its tariffs, emphasizing that any negotiations must rest on the foundation of mutual respect. Just last week, China filed a complaint with the WTO, accusing the U.S. of breaching international trade rules. Amidst these escalating tensions, Beijing unexpectedly appointed Li Chenggang, its WTO representative, to replace its chief trade negotiator, Wang Shouwen. At the same time, Washington indicated that President Trump is willing to broker a deal, provided that Beijing initiates the dialogue, asserting that China "needs our money." Consequently, other nations are now considering bilateral trade agreements with the U.S.