US, China tease tariff talksーNHK WORLD-JAPAN NEWS
While tariff talks drag on between Japan and the US, Washington and Beijing are taking up positions in their dispute. The two sides have slapped levies of over 100% on each other. US Secretary of State Marco Rubio has indicated tariff talks with China will be held soon. Rubio pointed out in a Fox News program on Thursday that the severe duties imposed by the Trump administration are hurting the Chinese economy. He asked rhetorically if the US could reach some sort of short-term accommodation with China. He said the Chinese side is reaching out and wants to talk. Rubio said Treasury Secretary Scott Bessant is involved in the efforts to bring both sides to the negotiating table. A spokesperson for China’s commerce ministry said Washington has recently signaled to Beijing through various channels that it wants to begin a dialogue and hinted the Chinese side is receptive. The Trump administration has raised additional tariffs on China to 145%. In a tit for tat move, China applied additional tariffs of 125% on imports from the US. But President Trump has suggested he’s open to cutting the levies on Chinese goods. You said you want to bring the tariffs on China down soon. How soon do you want to bring the tariffs on Chinese goods? Well, that depends on them. China called for lowering the temperature. If the US truly wants to resolve issues through dialogue and negotiation, it should stop making threats and resorting to coercion and engage with China on the basis of equality, mutual respect, and mutual benefit. The impact of the trade friction is affecting global supply chains. The fight between the US and China is spreading to rare earths, minerals at the heart of modern technology. China’s commerce ministry said in early April that it had tightened export restrictions on seven rare earth elements and other materials in response to Trump’s tariffs. China accounts for about 70% of the world’s rare earth production. The items Beijing is closely guarding are essential components for everything from smartphones to electric vehicles. They’re also vital for state-of-the-art US military hardware such as fighter jets and raiders. The Center for Strategic and International Studies think tank points out that if imports of those elements from China are delayed for a few months, production by US defense suppliers will be seriously affected in as soon as six months time. Opinion polls show Americans are worried the high tariffs their president slapped on China could affect their lives. In a survey by Pew Research Center released this month, 52% of respondents said they will be bad for the US. Meanwhile, the US is tightening the screws on China. The Trump administration suspended a tariff exemption on small amounts of imports from mainland China and Hong Kong and imposed new duties effective Friday. That will deal a blow to people buying from Chinese websites which had been taking advantage of the waiver. It seems neither the US or China are winning in the tariff war.
Both Washington and Beijing seem to be keen to find a way out of their dispute over tariffs.
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