Latest news with #Arria-formula
Yahoo
02-05-2025
- Business
- Yahoo
China open to talks with Trump admin on lowering tariffs, ministry says
China is "evaluating" an offer from the U.S. to hold talks on tariffs, according to a Friday statement from the Chinese Commerce Ministry. This shift in tone could leave the door open for the world's two largest economies to deescalate the trade war that has left global markets in turmoil. "The U.S. has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China," the ministry said in a statement, according to a Reuters translation. The ministry also said that Beijing was "evaluating this." However, while Beijing appears to be open to negotiations, the Chinese Commerce Ministry warned that it would not be forced into making a bad deal. According to the Reuters translation, the ministry said that "attempting to use talks as a pretext to engage in coercion and extortion would not work." Trump Says China's Xi Called Him Amid Ongoing Confusion Over Trade Talks On Thursday, Treasury Secretary Scott Bessent told Fox Business' Maria Bartiromo on "Mornings with Maria" that he believed Beijing was looking to reach an agreement with the U.S. "I am confident that the Chinese will want to reach a deal. And as I said, this is going to be a multi-step process. First, we need to de-escalate. And then the over time we will start focusing on a larger trade deal," Bessent said. Read On The Fox News App Trump Wagers Us Economy In High-stakes Tariff Gamble At 100-Day Mark President Donald Trump announced sweeping global tariffs last month. He slapped a 145% tariff on Chinese imports. Meanwhile, Beijing put a 125% tariff on U.S. imports. However, the country recently waived the tariff on a host of American-made products. There were already exemptions for some pharmaceuticals, microchips and aircraft engines, but China added an exemption for ethane imports, according to Reuters. Beijing's change in messaging regarding the tariffs comes in stark contrast to its April 23 comments during a U.N. Security Council Arria-formula meeting on "The Impact of Unilateralism and Bullying Practices on International Relations." At that meeting, China accused the U.S. of using tariffs to bully the rest of the world. "Under the guise of reciprocity and fairness, the U.S. is playing a zero-sum game, which is essentially about subverting the existing international economic and trade order by means of tariffs, putting U.S. interests above the common good of the international community and advancing hegemonic ambitions of the U.S. at the cost of the legitimate interest of all countries," Chinese U.N. Ambassador Fu Cong said in his opening remarks. A State Department spokesperson told Fox News Digital that the meeting was "a waste of U.N. Security Council members' time." The spokesperson also slammed the meeting as an example of China's manipulation of "the multilateral system to support its economic, political, and security interests."Original article source: China open to talks with Trump admin on lowering tariffs, ministry says
Fox News
02-05-2025
- Business
- Fox News
China open to talks with Trump admin on lowering tariffs, ministry says
China is "evaluating" an offer from the U.S. to hold talks on tariffs, according to a Friday statement from the Chinese Commerce Ministry. This shift in tone could leave the door open for the world's two largest economies to deescalate the trade war that has left global markets in turmoil. "The U.S. has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China," the ministry said in a statement, according to a Reuters translation. The ministry also said that Beijing was "evaluating this." However, while Beijing appears to be open to negotiations, the Chinese Commerce Ministry warned that it would not be forced into making a bad deal. According to the Reuters translation, the ministry said that "attempting to use talks as a pretext to engage in coercion and extortion would not work." On Thursday, Treasury Secretary Scott Bessent told Fox Business' Maria Bartiromo on "Mornings with Maria" that he believed Beijing was looking to reach an agreement with the U.S. "I am confident that the Chinese will want to reach a deal. And as I said, this is going to be a multi-step process. First, we need to de-escalate. And then the over time we will start focusing on a larger trade deal," Bessent said. President Donald Trump announced sweeping global tariffs last month. He slapped a 145% tariff on Chinese imports. Meanwhile, Beijing put a 125% tariff on U.S. imports. However, the country recently waived the tariff on a host of American-made products. There were already exemptions for some pharmaceuticals, microchips and aircraft engines, but China added an exemption for ethane imports, according to Reuters. Beijing's change in messaging regarding the tariffs comes in stark contrast to its April 23 comments during a U.N. Security Council Arria-formula meeting on "The Impact of Unilateralism and Bullying Practices on International Relations." At that meeting, China accused the U.S. of using tariffs to bully the rest of the world. "Under the guise of reciprocity and fairness, the U.S. is playing a zero-sum game, which is essentially about subverting the existing international economic and trade order by means of tariffs, putting U.S. interests above the common good of the international community and advancing hegemonic ambitions of the U.S. at the cost of the legitimate interest of all countries," Chinese U.N. Ambassador Fu Cong said in his opening remarks. A State Department spokesperson told Fox News Digital that the meeting was "a waste of U.N. Security Council members' time." The spokesperson also slammed the meeting as an example of China's manipulation of "the multilateral system to support its economic, political, and security interests."
The Star
26-04-2025
- Politics
- The Star
China's UN envoy slams US in bid to bolster global support
A top Chinese diplomat used an informal UN Security Council session on Wednesday to slam US policy under President Donald Trump as Beijing tries to capitalise on growing negative global opinion toward Washington. Many of the themes raised by Fu Cong, China's ambassador to the UN, echoed long-standing talking points, including US 'hegemonic interests' and the need for 'win-win' diplomacy where 'no one is superior'. But compared with previous Chinese statements that did not mention the US by name, Fu dispensed with diplomatic niceties and called out Washington repeatedly – defending Beijing against Trump's tumultuous tariff policy, and characterising its stance as a service to the global order. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. 'In the face of the US abuse of tariffs ... China rose to the occasion and took decisive countermeasures, not only to safeguard its own legitimate rights and interests, but also to uphold the common interests of the international community,' Fu said, citing the 'incessant chaos in the international landscape'. 'The world needs fairness and justice, not putting one's own country first,' Fu added, a reference to Trump's 'America first' policies. 'Bullying the weak, threats and coercion, and imposing one's will on others will not win popular support, and will ultimately backfire.' Still, Fu, formerly Beijing's ambassador to the European Union, offered an opening to Washington, provided it treated China with the respect due 'a great country nurtured by 5000 years of Chinese civilisation'. 'If the US truly wants to resolve the issue through dialogue and consultation, it should adopt an attitude of equality, respect, and mutual benefits,' Fu said. 'Any form of maximum pressure, threat, or blackmail is not the right way to engage with China, and will not stop the firm strides of the Chinese nation to achieve its great rejuvenation.' Fu chose a relatively obscure 'Arria-formula' meeting to deliver his message, a session that acts as a 'flexible and informal forum' for enhancing Security Council deliberations. The meetings are named after Diego Arria, a Venezuela ambassador who initiated the practice in 1992. One subtext analysts identified in Fu's speech was a desire to win the international community to Beijing's side, to avoid diplomatic isolation in a tariff war with Washington. When Trump imposed tariffs of up to 50 per cent on nearly all US trading partners on April 2, China was reportedly relieved other nations were in the same camp. But most other countries saw their rates drop to 10 per cent a week later, while China's were raised as high as 145 per cent, and Beijing suddenly went from one among many to a stand-alone. Trump also threatened to raise tariffs again on any country that fostered transshipment of Chinese products across their borders. This undercut Beijing's bid to bring Vietnam, Malaysia and others to its side, exemplified by Chinese President Xi Jinping's goodwill tour this month across Southeast Asia – as China's neighbours realised there was a lot of downside by joining it in a united front. 'Xi tried to get them to take a half-step that would be a pan-Asian approach,' said Jeremy Chan, a former US diplomat posted in Shenyang now at the Eurasia Group. 'Then China realised, 'we have a lot less ability for persuasion'.' Lizzi Lee, a fellow with the Asia Society Policy Institute, saw a three-part Chinese response to Trump's pressure tactics: stabilise the domestic economy, pressure the US selectively and elicit support abroad, as seen with Fu's outreach. 'China is working to counter diplomatic isolation and carve out space in an increasingly polarised global order,' she wrote in The Diplomat magazine, 'by doubling down on regional diplomacy and offering itself as a more predictable, if not always less complex, partner.' Meanwhile, the Trump administration has alienated US allies and partners with its confrontational tactics. In an Ipsos poll of 29 countries released last week, 46 per cent of respondents expected the US to have a positive influence on global events in the future, down from 59 per cent six months earlier. And for the first time in the poll's 10-year history, people rated China more positively (49 per cent) than the US (46 per cent). 'Under the disguise of 'reciprocity' and 'fairness', the US is playing a zero-sum game,' Fu said. 'The world needs solidarity and cooperation, not division and confrontation.' More from South China Morning Post: For the latest news from the South China Morning Post download our mobile app. Copyright 2025.
Yahoo
26-04-2025
- Business
- Yahoo
China foreign minister says Trump's tariffs reveal 'extreme egoism' as he speaks out against protectionism
Chinese Foreign Minister Wang Yi said Friday that Beijing backs international rules when it comes to tariffs imposed by U.S. President Donald Trump and that the U.S. levies show "extreme egoism." The foreign minister made the comments while he was in Kazakhstan for a China-Central Asia foreign ministers meeting. Wang stressed that Beijing opposes protectionism amid the trade war with the U.S. sparked by Trump's tariffs on China and many other countries. He explained that China would look for solidarity with other countries regarding the tariffs, noting that Beijing would uphold multilateralism to "inject stability into the world." China Accuses Us Of 'Bullying' The World With Tariffs At Un Meeting Trump's tariffs reveal "extreme egoism" and the bullying of certain countries, Wang said. Read On The Fox Business App In an interview published on Friday, Trump claimed that tariff negotiations with China were underway, although Beijing denied any such negotiations happening. China has also previously accused the U.S. of "bullying" other countries through its trade war, including earlier this week at a United Nations Security Council Arria-formula meeting on "The Impact of Unilateralism and Bullying Practices on International Relations." Trump Hints At Cutting China Tariffs 'Substantially' From 145% "Under the guise of reciprocity and fairness, the U.S. is playing a zero-sum game, which is essentially about subverting the existing international economic and trade order by means of tariffs, putting U.S. interests above the common good of the international community and advancing hegemonic ambitions of the U.S. at the cost of the legitimate interest of all countries," Chinese U.N. Ambassador Fu Cong said in his opening remarks. Fu also praised China for its "decisive countermeasures" after facing what he described as "U.S. abuse of tariffs." Reuters contributed to this article source: China foreign minister says Trump's tariffs reveal 'extreme egoism' as he speaks out against protectionism
Yahoo
23-04-2025
- Business
- Yahoo
China accuses US of 'bullying' the world with tariffs at UN meeting
UNITED NATIONS — China accused the U.S. of using tariffs to bully other nations as it led a United Nations Security Council Arria-formula meeting on "The Impact of Unilateralism and Bullying Practices on International Relations." "Under the guise of reciprocity and fairness, the U.S. is playing a zero-sum game, which is essentially about subverting the existing international economic and trade order by means of tariffs, putting U.S. interests above the common good of the international community and advancing hegemonic ambitions of the U.S. at the cost of the legitimate interest of all countries," Chinese U.N. Ambassador Fu Cong said in his opening remarks. Fu also praised China for its "decisive countermeasures" after facing what he described as "U.S. abuse of tariffs." A State Department spokesperson told Fox News Digital that the meeting was "a waste of U.N. Security Council members' time." The spokesperson also slammed the meeting as an example of China's manipulation of "the multilateral system to support its economic, political, and security interests." Economist Vows Trump Will Win Trade War: 'No Way China Can Retaliate' Trump Hints At Cutting China Tariffs 'Substantially' From 145% Read On The Fox Business App "China continues to contradict itself; while claiming to support open markets, it dumps artificially low-priced goods into the global economy with exports, steals intellectual property, and implements unfair trade practices," the spokesperson said. "China claims to be a developing country, while it simultaneously weaponizes its donor status and development projects to bully developing Member States." The spokesperson added that the U.S. would continue to safeguard its interests and combat China's efforts. American lawmakers, including Sen. Rick Scott, R-Fla., have rejected China's claims that the U.S. is engaging in global bullying. Scott said China's assertion was "absurd" and called for the defunding of "the anti-American U.N. IMMEDIATELY" in a post on X. Treasury Secretary Bessent Says There's An Opportunity For A 'Big Deal' With China "As of today, all countries targeted by the U.S. for trade fairness recalibration have dealt or are dealing quickly and constructively with D.C. — except Canada and China," Hugh Dugan, a former Senior Director in the NSC in the first Trump Administration, told FOX Business. "Meanwhile the Communist Party of China continues to bully and [use] its own people to subsidize output by substandard wages." Dugan also dismissed the idea that China could "survive in a global economy without exploiting its workers' human rights through slave wages and without stealing intellectual property from abroad." A guest speaker invited by the Chinese to address the council meeting, Wang Huiyao, founder and president of the Center for China and Globalization (CCG), claimed that the U.S. had launched a trade war "against the entire world" with President Donald Trump's tariff policies. According to the watchdog organization U.N. Watch, CCG has "close ties to the Chinese Communist Party." "It's Orwellian to watch China, one of the world's leading abusers of economic coercion and human rights, convene a U.N. meeting to accuse others of bullying," U.N. Watch Executive Director Hillel Neuer told FOX Business in a statement. "This is the same regime that threatens sanctions on democracies recognizing Taiwan, punishes countries for standing with Uyghurs, and bullies its neighbors in the South China Sea. Beijing's attempt to hijack the U.N. to attack the United States is not about peace or development — it's about shielding authoritarian power from accountability." While the Trump administration imposed tariffs on a host of nations, it took the toughest approach to China and implemented a 145% tariff on Chinese goods. However, The Wall Street Journal reported that a senior White House official told the outlet that tariffs on China could be cut to 50%-65%.Original article source: China accuses US of 'bullying' the world with tariffs at UN meeting
