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As the US hikes its tariffs on Chinese imports, Beijing is reaching out to other nations in what appears to be an attempt to form a united front to compel Washington to retreat.<\/p>\n
Days into the effort, it’s seeing only partial success, with many countries unwilling to ally with the main target of President Donald Trump’s trade war.<\/p>\n
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Facing the cratering of global markets, Trump on Wednesday paused his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favourable conditions.<\/p>\n
China has refused to seek talks, saying it would \u201cfight to the end\u201d in a tariff war, prompting Trump to further hike levies on Chinese imports to 125%.<\/p>\n
China has retaliated with 84% tariffs on US goods, which took effect on Thursday.<\/p>\n
Trump’s move was seemingly an attempt to narrow what had been an unprecedented trade war between the US and most of the world to a showdown between the US and China.<\/p>\n
\u201cA just cause receives support from many,\u201d Foreign Ministry spokesperson Lin Jian said at a daily briefing on Thursday.<\/p>\n
\u201cThe US cannot win the support of the people and will end in failure,\u201d he said.<\/p>\n
The EU and China<\/p>\n
China has thus far focused on Europe, and Premier Li Qiang has discussed the matter over the phone with European Commission President Ursula von der Leyen.<\/p>\n
\u201cChina is willing to work with the EU to jointly implement the important consensus reached by the leaders of China and the EU, strengthen communication and exchanges, and deepen China-EU trade, investment and industrial cooperation,\u201d the official Xinhua News Agency reported.<\/p>\n
That was followed by a video conference between Chinese Commerce Minister Wang Wentao and EU Commissioner for Trade and Economic Security Maro\u0161 \u0160ef\u010dovi\u0107 on Tuesday to discuss the US \u201creciprocal tariffs\u201d.<\/p>\n
Wang said the tariffs \u201cseriously infringe upon the legitimate interests of all countries, seriously violate WTO rules, seriously damage the rules-based multilateral trading system, and seriously impact the stability of the global economic order,\u201d Xinhua reported.<\/p>\n
\u201cIt is a typical act of unilateralism, protectionism and economic bullying,\u201d Wang is quoted as saying.<\/p>\n
\u201cChina is willing to resolve differences through consultation and negotiation, but if the US insists on its own way, China will fight to the end,\u201d Wang said.<\/p>\n
China currently unwilling to negotiate<\/p>\n
Wang has also spoken with the 10-member Association of Southeast Asian Nations, while Li, the premier, has met with business leaders.<\/p>\n
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China has \u201calready made a full evaluation and is prepared to deal with all kinds of uncertainties, and will introduce incremental policies according to the needs of the situation,\u201d Xinhua quoted Li as saying.<\/p>\n
In Hong Kong, the spokesperson for the local office of China’s Foreign Ministry\u2014Huang Jingrui\u2014reiterated Beijing’s unwillingness to negotiate with the US under current conditions.<\/p>\n
\u201cWe must solemnly tell the US: a tariff-wielding barbarian who attempts to force countries to call and beg for mercy can never expect that call from China,\u201d Jingrui wrote in an op-ed appearing in the South China Morning Post.<\/p>\n
If the US is truly sincere about starting a dialogue with China, it should \u201cimmediately rectify its wrong practices and adopt the right attitude of equality, respect and mutual benefit\u201d, Huang wrote.<\/p>\n
ADVERTISEMENTNot all countries willing to face the US<\/p>\n
Despite their unhappiness with Washington, not all countries are interested in linking up with China, especially those with a history of disputes with Beijing.<\/p>\n
\u201cWe speak for ourselves, and Australia\u2019s position is that free and fair trade is a good thing,” Australian Prime Minister Anthony Albanese told reporters.<\/p>\n
\u201cWe engage with all countries, but we stand up for Australia\u2019s national interest and we stand on our own two feet.\u201d<\/p>\n
China imposed a series of official and unofficial trade barriers against Australia in 2020 after the government angered Beijing by calling for an independent inquiry into the COVID-19 pandemic.<\/p>\n
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India has also reportedly turned down a Chinese call for cooperation, and Russia, typically seen as China’s closest geopolitical partner, has been left out of the Trump tariffs altogether. Taiwanese Foreign Minister Lin Chia-lung said on Wednesday that his government is preparing for talks on tariffs with the US.<\/p>\n
The US imposed a 32% tariff on imports from Taiwan, a close trading and security partner. Taiwan produces most of the high-performing computer chips craved by the US and others and has long enjoyed a trade surplus with Washington.<\/p>\n
Yet, Southeast Asian nations such as Vietnam and Cambodia find themselves in a particular bind. They benefitted when factories moved to their countries from China due to rising costs. They are being hit by punishing tariffs but have few buyers outside the US and are already operating on razor-thin margins.<\/p>\n
Market reactions<\/p>\n
Trump had previously denied contemplating a pause, but the drama over his tariffs will continue as the administration prepares to engage in country-by-country negotiations.<\/p>\n
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Meanwhile, a baseline 10% tariff will remain on countries who have seen higher levies cut.<\/p>\n
It’s not clear what further steps China will take, but the Foreign Ministry’s Lin said China \u201cwill not sit idly by and let the legitimate rights and interests of the Chinese people be deprived of, nor will we allow the international trade rules and multilateral trading system to be undermined\u201d.<\/p>\n
Non-tariff options include bans on US movies, law firms and other trade in services.<\/p>\n
World markets soared on Thursday. Japan\u2019s benchmark jumped around 9.1% by market close, while Hong Kong’s Hang Seng rose 2.1%.<\/p>\n
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As of around 12:00 CEST, Germany\u2019s DAX was up around 5%, the CAC 40 in Paris gained 4.7%, and the UK’s FTSE 100 gained 3.8%.<\/p>\n
The SSE Index rose a more modest 1.2% at close.<\/p>\n
Meanwhile, US futures edged lower and oil prices also declined.<\/p>\n
S&P 500 futures were down 1.8% as of around 12:00 CEST, while Dow Jones Industrial Average futures edged 1.4% lower.<\/p>\n
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