"Certain countries" resort to "pressure and coercion, and trigger unjustified trade wars... This extreme selfishness only harms their credibility," top diplomat Wang Yi told his Uzbek counterpart Bakhtiyor Saidov, according to a ministry statement released on Saturday.
This will "only undermine their credibility", added Wang, who was speaking on Friday on the sidelines of a foreign ministers' meeting in Almaty, Kazakhstan.
China and the United States, the world's two biggest economies, are locked in an escalating tit-for-tat trade battle triggered by Trump's levies on Chinese goods, which have reached 145 percent on many products.
Beijing has responded with 125 percent tariffs of its own on US goods.
Also on Saturday, China repeated that it had held no talks with the United States on trade issues, despite Trump's recent claim that he had taken a call from Chinese leader Xi Jinping.
In an interview conducted on April 22 with Time magazine and published Friday, Trump did not say when the call with Xi took place or specify what was discussed.
"He's called," Trump said. "And I don't think that's a sign of weakness on his behalf."
China's commerce ministry had already denied on Thursday that Beijing and Washington were conducting economic or trade negotiations.
In a statement posted on WeChat Saturday, Beijing's embassy in the US capital repeated that assertion, saying "there have been no consultations or negotiations between China and the United States on tariff issues, let alone any agreement".
The statement did not mention Trump or Xi by name or directly reference Trump's claim of a call, but said remarks by the United States that a dialogue on tariffs was ongoing were "nothing but misleading".
"This trade war was initiated by the US side," the statement said.
"If the US truly wants to resolve the issue through dialogue, it must first correct its mistakes, stop threatening and pressuring others, and completely remove all unilateral tariff measures against China."
Trump, meanwhile, suggested he will announce deals with US trading partners in the next few weeks.
"There's a number at which they will feel comfortable," Trump told Time, referring to China. "But you can't let them make a trillion dollars on us."
Trump claims China's Xi called him on tariffs
Washington (AFP) April 25, 2025 -
US President Donald Trump has insisted Chinese leader Xi Jinping called him despite Beijing denials of any contact between the two countries over their bitter trade dispute.
In an interview conducted on April 22 with TIME Magazine and published Friday, the US president did not say when the call took place or specify what was discussed.
"He's called," Trump said. "And I don't think that's a sign of weakness on his behalf."
Chinese Commerce Ministry spokesman He Yadong told reporters Thursday that "I would like to emphasize that there are currently no economic and trade negotiations between China and the United States."
The world's two biggest economies are locked in an escalating tit-for-tat trade battle triggered by Trump's levies on Chinese goods, which have reached 145 percent on many products.
Trump suggested he will announce deals with US trading partners in the next few weeks.
"I would say, over the next three to four weeks, and we're finished, by the way," he said.
"There's a number at which they will feel comfortable," Trump told the magazine, referring to China. "But you can't let them make a trillion dollars on us."
The tariff blitz -- which Trump says is retaliation for unfair trade practices, as well as a bid to restore US manufacturing prowess -- has rattled markets and raised fears of a global recession.
China's top leaders pledge economic support as trade war rages
Beijing (AFP) April 25, 2025 -
China's top leaders pledged on Friday to step up support for the economy and oppose "unilateral bullying" in global trade in a veiled rebuke of hefty tariffs imposed by US President Donald Trump.
The world's two largest economies are engaged in a high-stakes trade war that has spooked markets and spurred major manufacturers to reconsider supply chains.
Leaders at a gathering of the Chinese Communist Party's top decision-making body focused on economic work, which was attended by President Xi Jinping, acknowledged that "the impact of external shocks is increasing", state news agency Xinhua reported.
They also said they would seek to "work with the international community to actively uphold multilateralism and oppose unilateral bullying practices", it said.
The brutal trade war comes as China's economy strains under the weight of longstanding woes in the property sector and reluctance by consumers to pull out their wallets.
Leaders at the Politburo meeting discussed a range of domestic economic issues, emphasising the need to "enhance the role of consumption in stimulating economic growth", according to Xinhua.
They also called for action to increase incomes and "vigorously develop service consumption", as well as the implementation of key rate cuts at "appropriate times".
The readout of the meeting "shows the government is ready to launch new policies when the economy is affected by the external shock", Zhiwei Zhang, President and Chief Economist of Pinpoint Asset Management, wrote in a note.
However, Zhang noted "it seems Beijing is not in a rush to launch a large stimulus at this stage".
"It takes time to monitor and evaluate the timing and the size of the trade shock," he added.
Experts say the Chinese economy will need to depend more on domestic consumption in order to sustain growth through coming years.
Beijing is targeting annual growth this year of five percent, although economists consider that goal to be ambitious.
- 'Extreme scenario' -
China achieved record exports last year, providing a key source of economic activity as domestic challenges in the property sector and deflationary pressure persisted.
But the global trading system is now under great pressure, with Trump having hit most trading partners with 10 percent tariffs since reclaiming office in January.
China has received the worst of Trump's trade blitz, with many of its products now facing a 145 percent tariff. Beijing has responded with new 125 percent tariffs of its own on US goods.
There have been competing claims in recent days about potential trade talks that could see an easing of the sky-high tariffs that have unleashed chaos on the global economy.
A spokesman for Beijing's commerce ministry said on Thursday that "there are currently no economic and trade negotiations between China and the United States".
But hours later, asked about the state of negotiations with Beijing, Trump maintained: "We've been meeting with China."
Chinese financial news outlet Caijing reported on Friday that Beijing was considering the exemption of certain US semiconductor products from recent additional tariffs, citing sources familiar with the matter.
Beijing's commerce ministry did not immediately respond to an AFP request to confirm the reports.
China also said on Friday it was necessary to enhance "extreme scenario thinking" as the trade war deepens.
"It is essential to... enhance both bottom-line thinking and extreme scenario thinking, with a strong focus on preventing and defusing trade risks," a commerce ministry statement said.
The Politburo meeting's emphasis on innovation shows that China is preparing for a "deepening decoupling with the United States", Yue Su, Principal Economist at the Economist Intelligence Unit, told AFP.
The tone of the meeting "reflects growing concern over downside risks, as the government appears increasingly willing to factor potential negative shocks into its policy planning", Su said.
China says on 'right side of history' in US trade war; Bessent defends 'strategic uncertainty'
Beijing (AFP) April 28, 2025 - A top Chinese economic official on Monday said Beijing was on the "right side of history" in its gruelling trade war with the United States.
Since returning to the presidency in January, US President Donald Trump has imposed 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.
Beijing has responded with 125 percent tariffs of its own on US goods.
Speaking in Beijing at a news conference at which officials vowed greater steps to shield China's flagging economy from the impact of the standoff, senior economic planner Zhao Chenxin said Beijing was "on the right side of history".
"We firmly believe that if you are against the world and the truth, you will only isolate yourselves," Zhao said.
"Only by travelling with the world and with morality can we win the future," he added.
The United States, he said, "play cards out of thin air, bully and go back on their word", condemning Washington's "unilateralism and bullying".
US Treasury Secretary Scott Bessent on Sunday defended Trump's tumultuous tariff policy -- which has sent shivers through markets -- as a way of creating "strategic uncertainty" that gives Washington the upper hand.
Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.
Beijing, however, has vowed to fight a trade war "to the end" and denied US claims it is in talks with Washington.
But it has acknowledged global economic vicissitudes have strained its economy, long dependent on exports.
"External pressures are increasing," said Yu Jiadong of China's labour ministry on Monday.
"The US imposition of successive high-tariff measures has created production and operation challenges for some export-oriented companies and impacted some workers' jobs," he said.
Bessent defends 'strategic uncertainty' of Trump tariffs
Washington (AFP) April 27, 2025 -
US Treasury Secretary Scott Bessent on Sunday defended President Donald Trump's tumultuous tariff policy -- which has put global markets on a roller coaster -- as a way of creating "strategic uncertainty" that gives Washington the upper hand.
Since returning to the presidency in January, Trump has slapped 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.
Beijing has responded with 125 percent tariffs of its own on US goods.
Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.
"In game theory, it's called strategic uncertainty, so you're not going to tell the person on the other side of the negotiation where you're going to end up," Bessent told ABC's "This Week" news program.
"Nobody is better at creating this leverage than President Trump," the treasury secretary added.
"He's shown the high tariffs, and here's the stick. This is where the tariffs can go. And the carrot is, come to us. Take off your tariffs. Take off your non-tariff trade barriers. Stop manipulating your currency. Stop subsidizing labor and capital, and then we can talk."
Despite Trump saying that there are many deals on the table, details have been scant, and when pressed for clarification, Bessent dodged, only saying some negotiations were "moving along very well, especially with the Asian countries."
For now, Washington has prioritized discussions with key allies like Japan, South Korea and Switzerland.
Trump said in a recent interview with Time magazine that Chinese President Xi Jinping had called him to discuss trade between the world's top two economies, though Beijing again said Saturday that no trade talks had been held.
Bessent suggested that China might deny ongoing talks because "they're playing to a different audience."
On NBC's "Meet the Press," Secretary of State Marco Rubio refused to be drawn on whether Trump and Xi had spoken, emphasizing only that it was overall a "high-stakes negotiation."
The president suggested Sunday on his Truth Social platform that because of his tariffs policy, "massive numbers of jobs are already being created, with new plants and factories currently being built or planned."
Trump told Time that he would announce deals with US trading partners in the next few weeks.
China's export-driven economy harms 'entire world:' US Treasury chief
Washington (AFP) April 23, 2025 -
Beijing's export-reliant economic model is "unsustainable" and harms both China and the rest of the world, US Treasury Secretary Scott Bessent said Wednesday as the world's two biggest economies clash on trade.
"It's an unsustainable model that is not only harming China but the entire world," Bessent said in a Washington speech, stressing concerns around trade imbalances that US President Donald Trump says he hopes to address through sweeping tariffs.
But Bessent maintained that "America First does not mean America alone."
He insisted that the Trump administration's moves are a call for "deeper collaboration and mutual respect among trade partners," while taking aim at "intentional policy choices" by other countries that have hollowed out US manufacturing and put its security "at risk."
"This status quo of large and persistent imbalances is not sustainable," Bessent said. "It is not sustainable for the United States, and ultimately, it is not sustainable for other economies."
In the same speech at an Institute of International Finance forum on the sidelines of the IMF and World Bank's spring meetings, Bessent also said both institutions need to be made "fit for purpose" again.
He argued the International Monetary Fund and World Bank have strayed from their initial missions.
The IMF "has no obligation to lend to countries that fail to implement reforms," Bessent said.
"Economic stability and growth should be the markers of the IMF's success -- not how much money the institution lends out."
He added that the World Bank should also "no longer expect blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform."
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