Latest news with #ChinaAfrica
BBC News
a day ago
- Business
- BBC News
China-Africa trade: Beijing ready to drop tariffs on imports from the continent
China has said it is ready to drop the tariffs it charges on imports from all 53 African countries with which it has diplomatic move, announced at a China-Africa co-operation meeting, comes as the continent is facing the possibility of increased tariffs on its products entering the is Africa's largest trading partner – a position it has held for the last 15 years – with Africa exporting goods to the Asian nation worth around $170bn (£125bn) in 2023.A joint ministerial statement criticised "certain countries' [efforts to] disrupt the existing international economic and trade order" through the unilateral imposition of tariffs. It then called on the US to resolve trade disputes on the basis of "equality, respect and mutual benefit".The zero-tariff move, when implemented, will be an extension of the deal made last year for China to drop tariffs on goods from 33 African nations classified as "least developed".The expanded list will include some of China's largest trading partners on the continent, including South Africa and Nigeria. China has not said when the decision will come into is the only African state excluded from the s zero-tariff announcement as it recognises Taiwan as an independent country, whereas China regards it as a breakaway currently imports a lot of raw materials from Africa, notably from the Democratic Republic of Congo and April, President Donald Trump caused consternation among US trading partners by announcing high tariffs on its imports form many countries, including a 50% rate for Lesotho, 30% for South Africa and 14% for jeans and diamonds pushed Lesotho to the top of Trump's tariffs listThe implementation has been paused until next month, though the temporary halt could be extended further for countries that are negotiating "in good faith", according to US Treasury Secretary Scott 2024, the US imported $39.5bn-worth of goods from Africa. Some of that was brought in under the zero-tariff deal known as the Africa Growth and Opportunity Act (Agoa) which now looks under threat if the Trump administration goes ahead with the imposition of fresh charges. You may also be interested in: China's mission to win African hearts with satellite TVChina's Belt and Road Initiative: Kenya and a railway to nowhereThe cheap Chinese shop at the centre of Kenya row Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Yahoo
2 days ago
- Business
- Yahoo
China, Africa ask US to return to 'right track' on trade differences
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.
Asharq Al-Awsat
2 days ago
- Business
- Asharq Al-Awsat
China, Africa Ask US to Return to ‘Right Track' on Trade Differences
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 US. 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 US and EU say China has over-capacity.
Reuters
2 days ago
- Business
- Reuters
China, Africa ask US to return to 'right track' on trade differences
HONG KONG, June 11 (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.
