In light of an escalating trade war, confirmed trade representative Jamieson Greer during an appearance on CBS News ‘” Face the Nation” on Sunday. US President Donald Trump and Chinese President Xi Jinping are currently at odds with holding talks.
Greer claimed that any potential dialogue would only take place “at some place,” as President Trump had suggested, and that the situation currently exists at the leaders ‘ level.
This comes in the wake of Trump’s” Liberation Day” statement on April 2, when the US imposed a 10 % base tax on all foreign products along with higher “reciprocal” tariffs targeted nations that levy US export taxes.
After the market crashed, Trump announced a 90-day pause on the majority of the new tariffs, but he also increased the Chinese import price to 125 % and added an additional 20 % of the full, bringing China’s entire to 145 %.
On Friday, China increased tariffs on American goods from 84 % to 125 %, prompting a response. China criticized the action, calling the growing levies a” prank,” and accusing Washington of breaking global trade standards, according to CBS News.
Greer defended the government’s approach, arguing that Trump’s price plan is a part of a larger plan to reinvigorate US manufacturing and lessen its reliance on China. The only reason we’re in this place right now is because China made the decision to respond,” Greer said in the meeting. China made a different choice after so many other nations affirmed that they wanted to negotiate rather than react. They are in charge below, he continued.
Greer also noted that discussions are ongoing “around the clock” with negotiations currently being in development with over 70 nations before the taxes went into effect.
Greer responded that the US would no “beg China to offer its predicted$ 1.5 trillion in US assets” because that was” not part of the plan.” Instead, he emphasized the need for financial stability and remarked that “we’ve lost so much to China” without honest marketplace access for decades.
Trump warned that additional retaliation would result in even harsher taxes, so China’s measures come in response.
Commerce director Howard Lutnick declared that the temporary exemption was momentary, signaling further tariff increases could follow, while the White House announced an gadgets exemption for Chinese imports last week.
No signs of an instant easing of US-China tensions as Xi Jinping makes a diplomatic trip of Southeast Asia this week to improve industry ties with visits to Vietnam, Malaysia, and Cambodia.
