China, Africa ask US to return to 'right track' on trade differences

Yahoo

a day ago

HONG KONG (Reuters) -China and 53 African countries called on nations, especially the United States, to return to the "right track" of resolving trade differences, the official Xinhua news agency reported on Wednesday.
The statement came after China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province.
The White House, in its April 2 "Liberation Day" tariff announcement, imposed some of the highest tariffs on several African countries. That included levies of up to 50% on goods from Lesotho, 47% for Madagascar, 40% for Mauritius, 38% for Botswana and 31% for South Africa, the continent's biggest exporter to the U.S.
The China-Africa statement, made on behalf of China, 53 African countries and the African Union Commission said it "firmly opposed any party reaching a compromise deal at the expense of the interests of other countries."
"We call on all countries, especially the United States, to return to the right track of resolving trade differences through consultation on an equal, respectful and reciprocal basis," the statement said.
China is willing to implement zero-tariff measures for the 53 African countries that it has diplomatic relations with, the statement said, apart from Eswatini, the only African country that supports Taiwan.
China's relations with African countries have strengthened as its own economy slows and it has emerged as Africa's biggest lender. In recent years, China has stepped up cooperation in areas from agriculture to infrastructure.
The continent offers a much needed avenue for Chinese state-owned infrastructure firms struggling for projects as indebted local governments hold off on spending, and as a market for its electric vehicles and solar panels, areas where the U.S. and EU say China has over-capacity.