No one needs to be reminded about the trade war between the United States and China is going through one of the notorious times. Now, in a recent announcement, the Commerce Ministry of China said that actions from Washington are preventing potential negotiations from the part of Beijing. The ministry also wants the United States government to address its wrong actions before negotiation talks can happen.
“If the U.S. would like to keep on negotiating it should, with sincerity, adjust its wrong actions. Only then can talks continue,” reads a CNBC translation of the statement made by Gao Feng, a spokesperson of the Ministry of Commerce. Although Feng had not specified the actions to which he was referring to, everyone is aware that the previous months have seen some of the toughest decisions from Washington.
On May 10, president Donald Trump had announced the tariffs applied on Chinese goods worth $200 billion would be increased to 25% from a previously-set number of 10%. There was also a response from the side of Beijing, which had raised the levies on US products worth $60 billion. It was followed by the decision of the US government to impose a ban on Huawei, which has now been prevented from conducting business with US companies.
Following this ban, several companies including Google had decided to end the business with Huawei and it meant the smartphone manufacturer would not able to use US-based products such as Play Store and chips from companies like Qualcomm. US governmental agencies were also banned from using networking and cellular connectivity equipment from the manufacturer.
As of now, there is no confirmation on when or whether Donald Trump would be meeting with Xi Jinping but a meeting seems quite necessary considering the density of the situation.
Dan is the most experienced member of the team at Report Herald. He covers Business and global commodities.