Latest news with #tradeTension
Free Malaysia Today
08-07-2025
- Business
- Free Malaysia Today
China warns Trump on tariffs, threatens retaliation on supply chain deals
The average US tariff on Chinese exports now stood at 51.1%, while China's duties on US goods were set at 32.6%. (Reuters pic) BEIJING : China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the US to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher US tariffs from Aug 1, after he delayed all but 10% of his April duties on most countries to give them time to strike deals with the world's largest economy. China, initially singled out with tariffs exceeding 100%, has until Aug 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. 'One conclusion is abundantly clear: dialogue and cooperation are the only correct path,' the official People's Daily said in a commentary, referring to the exchanges in the current round of China-US trade tension. The article was signed 'Zhong Sheng', or 'Voice of China', a term the paper uses to express views on foreign policy. Reiterating Beijing's view that Trump's tariffs amount to 'bullying', the paper added, 'Practice has proven that only by firmly upholding principled positions can one truly safeguard one's legitimate rights and interests.' The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party's official daily said was 'a so-called 'final deadline.'' The average US tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on US goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said. The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the US that cut China out of their supply chains. Last week, Vietnam secured a tariff reduction to 20% from 46% with a deal for goods 'transshipped' through it, typically originating from China, to be subjected to a levy of 40%. 'China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions,' the paper said. 'If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests.'
Bloomberg
27-06-2025
- Business
- Bloomberg
India Earnings Set to Outperform China on Domestic Growth and Tariff Edge
Indian companies are inspiring more optimism than their Chinese rivals for next earnings season. Helped by a more favorable domestic economy and bets the country will better navigate global trade tension, Indian earnings estimates have been revised up 3.8% since March, while those for China are down 3.4%, according to Bloomberg Intelligence data.
Free Malaysia Today
13-06-2025
- Business
- Free Malaysia Today
China tells G7 to stop ‘manipulating' China issues for its own agenda
Lin Jian, a spokesman of the Chinese foreign ministry, accused the Group of Seven of having always upheld a Cold War mentality. (EPA Images pic) BEIJING : China warned the Group of Seven (G7) advanced economies today against 'manipulating' issues related to the world's second-largest economy for their own agenda, after they accused Beijing of unfair business practices a year earlier. Beijing's criticism of the G7 and what it represents comes amid a surge in global trade tension between the US and China this year, as well as within the bloc's membership. In remarks ahead of a three-day G7 summit in Canada set to start from Sunday, Lin Jian, a spokesman of the Chinese foreign ministry, accused the group of having always upheld a Cold War mentality. The bloc should 'stop interfering in other countries' internal affairs, stop undermining other countries' development, (and) stop manipulating issues related to China,' Lin told a regular news conference. The G7 provokes conflicts and confrontations, said Lin, adding that such practices were 'doomed to fail'. In the communique after its 2024 summit in Italy, which mentioned China more than 20 times, the G7 said its companies needed to be protected from China's unfair business practices. It also warned of action against Chinese financial institutions that helped Russia obtain weapons for its war in Ukraine. The participation of countries beyond the grouping, such as India and Brazil, in last year's event also irked China, which viewed the move as a bid to sow discord among countries of the Global South. New leaders will represent five of the G7's members – Britain, Canada, Germany, Japan and the US – at next week's summit.
Yahoo
13-06-2025
- Business
- Yahoo
China tells G7 to stop 'manipulating' China issues for its own agenda
BEIJING (Reuters) -China warned the Group of Seven advanced economies on Friday against "manipulating" issues related to the world's second-largest economy for their own agenda, after they accused Beijing of unfair business practices a year earlier. Beijing's criticism of the G7 and what it represents comes amid a surge in global trade tension between the United States and China this year, as well as within the bloc's membership. In remarks ahead of a three-day G7 summit in Canada set to start from Sunday, Lin Jian, a spokesperson of the Chinese foreign ministry, accused the group of having always upheld a Cold War mentality. The bloc should "stop interfering in other countries' internal affairs, stop undermining other countries' development, (and) stop manipulating issues related to China," Lin told a regular news conference. The G7 provokes conflicts and confrontations, said Lin, adding that such practices were "doomed to fail". In the communique after its 2024 summit in Italy that mentioned China more than 20 times, the G7 said its companies needed to be protected from China's unfair business practices. It also warned of action against Chinese financial institutions that helped Russia obtain weapons for its war in Ukraine. The participation of countries beyond the grouping, such as India and Brazil, in last year's event also irked China, which viewed the move as a bid to sow discord among countries of the Global South. New leaders will represent five of the G7's members - Britain, Canada, Germany, Japan and the United States - at next week's summit.
Reuters
13-06-2025
- Business
- Reuters
China tells G7 to stop 'manipulating' China issues for its own agenda
BEIJING, June 13 (Reuters) - China warned the Group of Seven advanced economies on Friday against "manipulating" issues related to the world's second-largest economy for their own agenda, after they accused Beijing of unfair business practices a year earlier. Beijing's criticism of the G7 and what it represents comes amid a surge in global trade tension between the United States and China this year, as well as within the bloc's membership. In remarks ahead of a three-day G7 summit in Canada set to start from Sunday, Lin Jian, a spokesperson of the Chinese foreign ministry, accused the group of having always upheld a Cold War mentality. The bloc should "stop interfering in other countries' internal affairs, stop undermining other countries' development, (and) stop manipulating issues related to China," Lin told a regular news conference. The G7 provokes conflicts and confrontations, said Lin, adding that such practices were "doomed to fail". In the communique after its 2024 summit in Italy that mentioned China more than 20 times, the G7 said its companies needed to be protected from China's unfair business practices. It also warned of action against Chinese financial institutions that helped Russia obtain weapons for its war in Ukraine. The participation of countries beyond the grouping, such as India and Brazil, in last year's event also irked China, which viewed the move as a bid to sow discord among countries of the Global South. New leaders will represent five of the G7's members - Britain, Canada, Germany, Japan and the United States - at next week's summit.
