Beijing rejects Trump's tariff warning, says Brics promotes ‘win-win cooperation'
'Regarding the imposition of tariffs, China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward,' foreign ministry spokeswoman Mao Ning said.
Trump said he would send the first tariff letters to various countries on Monday, days before his deadline for trading partners to reach a deal expires.
He said on Sunday he would send a first batch of up to 15 letters, warning that US levies on imports would snap back to the high levels he set in April if countries failed to make agreements.
And, in a post on his Truth Social network, he threatened a further 10 per cent tariff on countries aligning themselves with the emerging Brics nations, accusing them of 'anti-Americanism' after they slammed his tariffs at a summit in Rio de Janeiro on Sunday.
Conceived two decades ago as a forum for fast-growing economies, Brics has come to be seen as a Chinese-driven counterbalance to US and western European power.
However, Beijing defended the grouping on Monday as 'an important platform for cooperation between emerging markets and developing countries'.
'It advocates openness, inclusivity and win-win cooperation,' Mao said.
'It does not engage in camp confrontation and is not targeted at any country,' she said. — AFP
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
30 minutes ago
- The Star
‘No extensions': Trump locks in August 1 deadline for US tariffs
US President Donald Trump said on Tuesday he would officially extend until August 1 his declared deadline to impose 'reciprocal' tariffs on dozens of economic partners, indicating that this time he really meant it. The move keeps Trump's negotiating leverage at a boil even as it imposes additional uncertainty on the global economy amid new fears of a trade war. The US president also said during a cabinet meeting Tuesday he would impose a 50 per cent tariff on imported copper and planned to slap long-threatened levies on pharmaceuticals and semiconductors. Trump added that ties with Beijing have improved. 'We have had a really good relationship with China lately, and we're getting along with them very well,' he said, adding that he was speaking regularly with Chinese President Xi Jinping. 'They've been very fair on our trade deal, honestly,' he added. In the past, Trump has claimed having calls that Beijing declined to confirm. The postponement of a deadline Trump had originally said would be Wednesday came as the '90 deals in 90 days' that his administration vowed to complete has run into severe headwinds, prompting the president to issue 14 unilateral letters on Monday. These notes, all but identically worded, would impose elevated tariffs of 25 per cent or more effective August 1 for major trading partners Japan and South Korea and for smaller economies like Laos and Cambodia, with more missives expected. 'In addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1,' Trump posted on his social media account. 'No extensions will be granted.' Trump has also warned nations that any move to counter Washington would see their US duties increased by an identical amount. But even as he sent out his letters Monday, he told reporters that his new deadline was 'firm, but not 100 per cent firm', adding: 'I would say final – but if they call with a different offer, and I like it, then we'll do it'. The European Union and Japan were reportedly close to reaching trade pacts with the US. Financial markets have dubbed the president's pattern of repeated threats and climbdowns 'Taco', for 'Trump always chickens out'. Trump's declaration follows days of characteristic 'will he or won't he' drama amid his vows that America would 'no longer be ripped off'. Over the weekend, Trump threatened to impose unilateral tariffs of up to 70 per cent by Wednesday and hinted at as many as 10 imminent deals, even as he and his aides previewed a more realistic August 1 date – provided countries negotiated 'in good faith'. Broadening his injection of tariffs into foreign policy as well as domestic politics, the president also said he could apply a 10 per cent duty on Brics countries for their 'anti-American' agenda. Imposing higher duties on US-bound shipments arguably gives Trump a domestic win in line with his 'America first' narrative and bid to rejuvenate US manufacturing. But it is also likely to deepen mistrust among close allies and trading partners, erode US global leadership and, analysts said, undercut the interdependence that has informed much of the post-World War II period – issues of little apparent concern for Trump. The rush to deal in recent days stems from Trump's April 2 'Liberation Day' announcement that all US trading partners would be subject to 'reciprocal' tariffs of up to 50 per cent, from the wealthiest countries to the most impoverished. Days later, however, as markets plunged and companies yelped, Trump announced a three-month reprieve, set to expire on Wednesday, during which trading partners – except China – would be subject to 10 per cent higher tariffs pending a deal. Increasingly, as the flood of deals failed to materialise, however, the administration focused on a smaller number of agreements with major economies and take-it-or-leave-it letters for the rest. Trump said that all 100-plus US trading partners would get letters by the original Wednesday deadline. Adding to the confusion, Trump has teed up various sectoral negotiations involving steel, aluminium, autos, pharmaceuticals and semiconductors amid claims of unfair trade and national security concerns. He has also levied punitive tariffs on imports from nations he has linked to illegal migration and illicit fentanyl shipments to the US. 'It is easy to agree on wanting a quick deal – but much harder to agree on what the terms of that quick deal should be,' Nico FitzRoy, a partner at Signum Global, a financial advisory firm, said. Agreements announced in recent weeks – actually more like broad frameworks, analysts said, given the rush and lack of detail – have covered Britain, China and Vietnam. After a May deal with Britain, it appeared that the 10 per cent higher tariffs London had accepted would be the rough benchmark for future agreements. Beijing was next when it agreed to 30 per cent higher tariffs last month, though it was considered a separate category given the complexity of US-China relations and the country's huge historical trade surplus. The announcement last week, however, that Vietnam had agreed to 20 per cent higher tariffs – and 40 per cent for Chinese goods transshipped through the country – has raised concerns that Trump would push for larger average tariff increases. Some analysts now surmise that levels could settle at around half of Trump's peak threats given that the initial tariff for Vietnam was 46 per cent. But trying to predict Trump's next step is complicated by his admission that his 'intuition' is often the main factor in his decision-making. 'These tariffs aren't coming off,' said Henrietta Treyz, a founder of the Veda Partners consultancy, adding that '10 per cent tariffs are the floor, not the ceiling'. Another concern for many anxious delegations cycling through Washington is the risk that, once he agrees to a deal, Trump could turn around and threaten additional sectoral increases. 'Can Trump really be expected to agree to 'promise' trading partners they won't be hit by future tariffs?' asked Andrew Bishop of Signum. Japanese leaders voiced 'regret' on Tuesday at the announced 25 per cent tariffs but expressed hope that Washington and Tokyo would reach a mutually acceptable 'package'. In the coming weeks, look for the White House to roll out headline 'deals' to purchase US products but to 'kick thornier issues around digital taxation, labour standards and phytosanitary standards out into the future', Treyz said. As negotiations have intensified, the broad outline of Trump's playbook has become more evident: keep allies off balance with shifting demands and frequent changes; visibly and publicly threaten their core interests to increase leverage; then release pressure with a deal framed through a narrow economic lens with limited regard to broader foreign policy objectives. The lack of detail accompanying the deals, some promoted as 'historic', has also created room for misunderstanding, accusations and backsliding. After US and Chinese officials reached an agreement in Geneva in May, it quickly came off the rails and required another high-level meeting weeks later in London. In some cases, details only surfaced later: last week, three makers of chip design software, including Siemens, noted that the Trump administration had lifted restrictions on sales to China. Trump and his advisers have repeatedly claimed that tariffs cost 'nothing' and that foreign nations, not American consumers, pay. But a JPMorgan Chase Institute study last week of US companies linked to international trade found that current tariff levels would add some US$82 billion in new costs for mid-sized firms accounting for a third of US private-sector jobs. - SOUTH CHINA MORNING POST
The Star
30 minutes ago
- The Star
Trump may attend Asean summit in October, says Rubio
KUALA LUMPUR: United States President Donald Trump may attend the 47th Asean Summit and related summits in October, says US Secretary of State Marco Rubio. "It's possible, yes. We are working on getting a date for that," said Rubio after the Asean-US Post Ministerial Conference in KLCC on Thursday (July 10). More to come
![[UPDATED] Trump may attend 47th Asean Summit in October, says Rubio](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2F01rubio100725sp_NSTfield_image_socialmedia.var_1752150659.jpg&w=3840&q=100)
![[UPDATED] Trump may attend 47th Asean Summit in October, says Rubio](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
an hour ago
- New Straits Times
[UPDATED] Trump may attend 47th Asean Summit in October, says Rubio
KUALA LUMPUR: There is a possibility that United States President Donald Trump may attend the 47th Asean Summit in October. US Secretary of State Marco Rubio confirmed the likelihood, adding that discussions were ongoing to finalise a date for the Asean–US Special Summit. "It's possible, yes," he said briefly when asked about Trump's attendance, during a media engagement on the sidelines of the 58th Asean Foreign Ministers' Meeting and related events. "We are working on a date for that," he added, referring to the Asean–US Special Summit. Rubio arrived in the Malaysian capital today to participate in the 58th Asean Foreign Ministers' Meeting (AMM) and the Asean Post-Ministerial Conference with the United States. He was received by Foreign Minister Datuk Seri Mohamad Hasan. His visit to Kuala Lumpur comes in the wake of US President Donald Trump's recent announcement on the imposition of new tariffs. In addition to his role as Secretary of State, Rubio also serves as Trump's National Security Adviser. His trip is seen as a move to reassert Washington's foreign policy priorities in Asia, following months of focus on the conflicts in Ukraine and the Middle East. Prime Minister Datuk Seri Anwar Ibrahim, who met with Rubio earlier today, described the meeting as "beneficial", citing the United States' openness to reviewing trade tariffs and its continued engagement with both Malaysia and Asean. In May, Mohamad said that Malaysia, as Asean Chair, was still awaiting confirmation from Washington on the date of the Asean–US Special Summit. "Prime Minister Datuk Seri Anwar Ibrahim has written to the US requesting that an Asean–US Special Summit be held this year. "We are waiting for a response from the US, and hopefully we will receive good news," he said.
