TMTPost -- China’s economic czar He Lifeng expresses serious concerns to his U.S. counterpart as the volley of tariffs between the world’s two largest economies under the Trump administration just kicked off.
Chinese Vice Premier He Lifeng held a video call on Friday with U.S. Treasury Secretary Scott Bessent on bilateral important economic issues, the state news agency Xinhua reported. During the call, He, the lead person for China-US economic and trade affairs, expressed serious concerns over recent U.S. additional tariffs and other restrictive measures against China.
The two sides exchanged in-depth views on the implementation of consensus reached by the two heads of state during their phone talks, and on important issues between China and the United States in the economic field, according to the report. It said both sides recognized the significance of bilateral economic and trade relations, and agreed to maintain communication on issues of respective concern.
In an introductory call with Vice Premier He, Secretary of the Treasury Bessent “expressed serious concerns” about China’s “counternarcotics efforts, economic imbalances, and unfair policies, and stressed the Trump Administration’s commitment to pursue trade and economic policies that protect the American economy, the American worker, and our national security”, according to a readout of the U.S. Treasury Department on Friday. Both sides exchanged views on the bilateral economic relationship and agreed to remain in communication going forward, per the readout.
The call on Friday is their first between He and Bessent that has been publicly announced since the latter took office in late January. It is also China and U.S. economic leaders’ first call that made public since U.S. President Donald Trump ordered to impose his first tariffs on Chinese goods when he returned the White House.
The call has sent a positive signal that China and U.S. have the willingness to continue to maintain communication and dialogue in the economic and trade areas at the government level, despite some differences and disputes, He Weiwen, a senior fellow from the Center for China and Globalization, told state-backed newspaper the Global Times.
Trump on February 1 signed an order to impose a 25% additional tariff on goods from Canada and Mexico and a 10% additional tariff on imports from China. In addition, the administration will imposed a 10% tariff on energy products from Canada. All new tariffs but those on energy products were planned to take into effect on February 4.
Trump and Canadian and Mexican leaders agreed to pause the aforementioned U.S. tariffs on February 3, while China announced a series of countermeasures including tit-for-tat tariffs the next day, in which the new U.S. tariffs entered effect.
An additional 15% tariff will be imposed on imported coal and liquefied natural gas originating from the United States, and crude oil, agricultural machinery, automobiles with large displacement, and pickup trucks will be subject to additional tariffs of 10%, said the Customs Tariff Commission of the State Council on February 4.
China has filed a complaint with the WTO's dispute settlement mechanism against the U.S. decision to impose an additional 10% tariff on goods from China, according to the Ministry of Commerce (MOFCOM).
China also expanded its export controls on strategic minerals. The export controls on items related to tungsten, tellurium, bismuth, molybdenum and indium went into effect on February 4, according to a statement jointly issued by the MOFCOM and the General Administration of Customs. China's market regulator the same day said that it has launched an investigation into for suspected violation of the country's anti-monopoly law.
China hit back at the U.S. tariffs timely and accurately, Yuyuan Tantian, a social media account affiliated with China Central Television (CCTV), cited Chinese experts. It noted the 10% or 15% additional tariffs on U.S. goods left enough room for China’s future slap. In the coming days, China may adjust retaliation actions depending on U.S. further move, Yuyuan Tantian quoted Cui Fan, a professor of the University of International Business and Economics.
China has consistently adhered to an attitude of equality and mutual respect, and actively communicates through multilateralism to manage differences, which is in contrast to the US unilateral move, He Weiwen said on Friday, adding that China also has sufficient policy tools to protect its development rights and interests.
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