China calls on Trump to completely lift tariffs

Daily Wrap China calls on Trump to completely lift tariffs Michał Wąsowski • 6 hours • 2 minutes read The Chinese Ministry of Commerce has called on President Donald Trump to completely abolish the reciprocal tariffs. China describes the list of exemptions that will not be affected by the tariffs as a "small step" toward an agreement. The Chinese Ministry of Commerce views the American tariff exemptions as a "small step" and is calling on President Donald Trump to completely eliminate the reciprocal tariffs, which include a 145 percent tariff on imports from China. China Responds to US Tariff Measures "We call on the US to listen to the reasonable voices of the international community and domestic parties, take a major step toward correcting its mistakes, completely abolishing the erroneous measures regarding 'reciprocal tariffs,' and return to the correct path of resolving differences through equal dialogue based on mutual respect," the ministry said in a statement quoted by CNBC. The Chinese ministry also announced that it is reviewing the "appropriate impact" of the tariff exemptions for some technology products announced on Friday. In China, the reaction to the US tariffs is visible in both state media and social media. The latest exemptions are being portrayed as a concession by Trump and as proof that Chinese supply chains cannot easily be replaced by American companies. Trump Backs Down on Tariffs The Trump administration exempted some widely used technological devices and components, including smartphones, computers, semiconductors, solar cells, and flash memory, from reciprocal tariffs on Friday, in accordance with U.S. Customs and Border Protection guidelines. This move was seen as a major victory for tech giants like Apple, which manufacture many products in China. Recall that Donald Trump suspended tariffs imposed on numerous countries for 90 days, with the exception of China. In response to the U.S. measures, the Chinese imposed 125 percent tariffs on imports from America. The entire situation caused panic in the markets, which had turned red in response to the trade war. They received a brief respite after the tariffs were suspended, but then returned to losses. China's Secret Weapon At the same time, confusion arose in the U.S. bond market. Bond yields rose significantly, resulting in higher debt management costs for the US. Experts believe the bond issue prompted Donald Trump to suspend tariffs. The bond selloff is seen as a powerful weapon for China in its potential economic battle with the US.