By Eric Vandenbroeck and co-workers

The Tariff and Trade Wars

China's Ministry of Commerce said on Friday that the country is assessing that the United States has recently reached out to convey messages to China through relevant parties many times, expressing hope to engage in talks with China over tariff issues.

The tariff and trade wars were unilaterally initiated by the US, a spokesperson for the ministry said in a statement, adding that if the US wants to negotiate, it must demonstrate sincerity, make preparations, and take concrete actions on issues such as correcting its erroneous practices and lifting the unilateral tariffs.

China, on May 2, said it is evaluating a US offer for negotiations on tariffs but wanted Washington to show “sincerity” and be ready to scrap levies that have roiled global markets and supply chains.

Punishing US tariffs that have reached 145 per cent on many Chinese products came into force in April, while Beijing has responded with fresh 125 per cent duties on imports from the US.

High-end tech goods such as smartphones, semiconductors, and computers have received a reprieve from US tariffs.

US President Donald Trump has repeatedly claimed that China has reached out for talks on the tariffs. On April 30, Trump reiterated there was a “very good chance we’re going to make a deal”.

Beijing’s commerce ministry on May 2 confirmed the US had reached out and that it was “currently evaluating” the offer.

But, it said, any talks would first require sincerity from the US side.

“If the US wants to talk, it should show its sincerity to do so, be prepared to correct its wrong practices, and cancel unilateral tariffs,” the ministry said.

 

 

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