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Newsweek
13-05-2025
- Business
- Newsweek
China's State Media Claims Victory After US Trade Talks
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Chinese state media has hailed their government's "resolute posture" as the reason behind the deal to walk back China's trade war with the United States. The framing is part of a familiar narrative since President Donald Trump hiked tariffs in a bid to shrink the U.S.'s $300 billion trade deficit with China, which has framed itself as a responsible player pushing back against Washington's "bullying." Why It Matters The agreement, hammered out in Geneva, Switzerland, over the weekend, was negotiated by delegations led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. The U.S. is effectively lowering overall tariffs to 30 percent for 90 days—including a 10-percent baseline rate plus an earlier 20 percent rate imposed over China's role as a major source of fentanyl precursors. China has likewise committed to 10-percent tariff on U.S. goods for a 90-day window and to suspending or ending other countermeasures. The temporary truce pulls the world's two largest economies back from the brink after trade between them nearly ground to a halt, raising recession risks in the U.S. and deepening deflationary pressures in China. Newsweek reached out to China's Foreign Ministry by email with a request for comment. File photo: Xi Jinping delivers his opening speech during the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States in Beijing, Tuesday, May 13, 2025. File photo: Xi Jinping delivers his opening speech during the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States in Beijing, Tuesday, May 13, 2025. Andy Wong/Associated Press What To Know The terms of the deal reflect the effectiveness of China's response to Trump's tariff escalations. They mark the end of what Beijing has called U.S. "discriminatory measures" against Chinese trade, according to Yuyuan Tantian, a social-media account affiliated with China's state broadcaster CCTV, in an article published Monday on the Chinese platform Weibo. "This shows that China's firm countermeasures and resolute posture had a strong impact, and that these actions indeed caused significant pressure on the U.S. side—leading the American government to lower tariffs back down to the base level," Song Guoyou, executive director of the Asia-Pacific Cooperation and Governance Research Center at Shanghai's Fudan University, was quoted as saying. The interim deal marks a major de-escalation in a trade conflict that disrupted global supply chains and rattled markets. The tariff on Chinese imports is also well below the 80 percent rate Trump said on Friday "seems right." Under the terms of the agreement, a 24-percent "ad valorem" duty on a range of Chinese goods will be suspended for 90 days, with so-called "reciprocal tariffs" imposed via executive order to be canceled. That brings overall U.S. tariffs on China—its third-largest trading partner—down by at least 115 percent. China's retaliatory tariffs had reached 125 percent, in addition to curbs on exports of rare earth elements. China holds a near-monopoly on the refining of these critical minerals, which are essential to a range of defense and civilian technologies that Washington considers vital to national security. What People Are Saying Wayne Winegarden, senior fellow of business and economics at the California-based Pacific Research Institute think tank, told Newsweek: "The disruption to the U.S. economy has harmed businesses and families, and it is unclear what was achieved. The trade war has not been resolved, and the U.S. economy will be hit hard if the 30 percent tariffs stay in place—specifically, a reduction in consumer affordability and a negative impact on jobs and economic activity. Hu Xijin, former editor of Chinese state tabloid Global Times, wrote on Weibo: "This is a huge victory for China's firm adherence to the principles of equality and mutual respect [ …] "China reaching an equal-footing agreement with the U.S. is not only a win for China, but also a victory for international trade norms and the proper global order. This agreement sets an example and benchmark that could inspire other countries to assert themselves more confidently in defending their interests." Xi Jinping, Chinese president, told Latin American and Caribbean officials Tuesday during a Beijing summit: "Tariff wars and trade wars produce no winners. Bullying and coercion only lead to isolation." What Happens Next It remains to be seen how negotiations will unfold during the 90-day cooling-off period and whether the Trump administration can significantly narrow the nearly $300 billion trade deficit with China—a long-standing concern for the president.
San Francisco Chronicle
13-05-2025
- Business
- San Francisco Chronicle
China presents a united front with Latin America, aiming to counter Trump's trade war
TAIPEI, Taiwan (AP) — China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump's trade war, presenting a united front with Latin American leaders at an event Tuesday in Beijing. China's leaders have positioned the world's second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump's tariff hikes and other policies. On Monday, Beijing and Washington announced a breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high tariffs on both sides for 90 days to allow for negotiations. Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping said China stands ready to 'join hands' with Latin countries 'in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.' 'There are no winners in tariff wars or trade wars,' Xi said, reiterating a phrase China has used repeatedly when referring to Trump's policies. He was speaking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which began in 2015. The presidents of Brazil, Chile and Colombia were among the Latin American and Caribbean officials attending. Xi announced five programs, focused on political exchanges, economic development, cultural and academic exchanges and global security to build closer ties between China and Latin American nations. He promised to boost imports from the region and to encourage Chinese companies to increase their investments there. He announced a new 66 billion yuan ($9.2 billion) credit line to support Latin American and Caribbean financing. China also plans to expand cooperation in clean energy, 5G telecommunications, the digital economy, artificial intelligence and global security. China's trade with the region has been growing rapidly, exceeding $500 billion for the first time last year. Much of that growth has come from increased Chinese imports of farm goods including soybeans and beef, and energy imports such as crude oil, iron ore and critical minerals. Beijing's investments in the region through Xi's Belt and Road Initiative, or BRI, have included installing 5G networks and building ports and hydropower plants. Colombian President Gustavo Petro announced Monday that his country would formally join the BRI – in a vote of confidence after several Chinese projects in Latin America hit snags in recent months. In February, Panama became the first Latin American country to quit the initiative under pressure from the U.S. And earlier this month, Chinese electric vehicle maker BYD and stainless steel producer Tsingshan announced they were abandoning plans to build lithium cathode plants in Chile due to falling lithium prices. Five Latin American countries will receive visa exemptions for travel to China, with more to follow, Xi said. It was not immediately clear which countries would become visa exempt.
The Hill
13-05-2025
- Business
- The Hill
China presents a united front with Latin America, aiming to counter Trump's trade war
TAIPEI, Taiwan (AP) — China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump's trade war, presenting a united front with Latin American leaders at an event Tuesday in Beijing. China's leaders have positioned the world's second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump's tariff hikes and other policies. On Monday, Beijing and Washington announced a breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high tariffs on both sides for 90 days to allow for negotiations. Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping said China stands ready to 'join hands' with Latin countries 'in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.' 'There are no winners in tariff wars or trade wars,' Xi said, reiterating a phrase China has used repeatedly when referring to Trump's policies. He was speaking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which began in 2015. The presidents of Brazil, Chile and Colombia were among the Latin American and Caribbean officials attending. Xi announced five programs, focused on political exchanges, economic development, cultural and academic exchanges and global security to build closer ties between China and Latin American nations. He promised to boost imports from the region and to encourage Chinese companies to increase their investments there. He announced a new 66 billion yuan ($9.2 billion) credit line to support Latin American and Caribbean financing. China also plans to expand cooperation in clean energy, 5G telecommunications, the digital economy, artificial intelligence and global security. China's trade with the region has been growing rapidly, exceeding $500 billion for the first time last year. Much of that growth has come from increased Chinese imports of farm goods including soybeans and beef, and energy imports such as crude oil, iron ore and critical minerals. Beijing's investments in the region through Xi's Belt and Road Initiative, or BRI, have included installing 5G networks and building ports and hydropower plants. Colombian President Gustavo Petro announced Monday that his country would formally join the BRI – in a vote of confidence after several Chinese projects in Latin America hit snags in recent months. In February, Panama became the first Latin American country to quit the initiative under pressure from the U.S. And earlier this month, Chinese electric vehicle maker BYD and stainless steel producer Tsingshan announced they were abandoning plans to build lithium cathode plants in Chile due to falling lithium prices. In other pledges, Beijing plans to invite 300 members from Latin American political parties to China annually for the next three years and facilitate 3,500 government scholarships and various other types of exchanges. Five Latin American countries will receive visa exemptions for travel to China, with more to follow, Xi said. It was not immediately clear which countries would become visa exempt.
Yahoo
13-05-2025
- Business
- Yahoo
China presents a united front with Latin America, aiming to counter Trump's trade war
TAIPEI, Taiwan (AP) — China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump's trade war, presenting a united front with Latin American leaders at an event Tuesday in Beijing. China's leaders have positioned the world's second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump's tariff hikes and other policies. On Monday, Beijing and Washington announced a breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high tariffs on both sides for 90 days to allow for negotiations. Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping said China stands ready to 'join hands' with Latin countries 'in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.' 'There are no winners in tariff wars or trade wars,' Xi said, reiterating a phrase China has used repeatedly when referring to Trump's policies. He was speaking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which began in 2015. The presidents of Brazil, Chile and Colombia were among the Latin American and Caribbean officials attending. Xi announced five programs, focused on political exchanges, economic development, cultural and academic exchanges and global security to build closer ties between China and Latin American nations. He promised to boost imports from the region and to encourage Chinese companies to increase their investments there. He announced a new 66 billion yuan ($9.2 billion) credit line to support Latin American and Caribbean financing. China also plans to expand cooperation in clean energy, 5G telecommunications, the digital economy, artificial intelligence and global security. China's trade with the region has been growing rapidly, exceeding $500 billion for the first time last year. Much of that growth has come from increased Chinese imports of farm goods including soybeans and beef, and energy imports such as crude oil, iron ore and critical minerals. Beijing's investments in the region through Xi's Belt and Road Initiative, or BRI, have included installing 5G networks and building ports and hydropower plants. Colombian President Gustavo Petro announced Monday that his country would formally join the BRI – in a vote of confidence after several Chinese projects in Latin America hit snags in recent months. In February, Panama became the first Latin American country to quit the initiative under pressure from the U.S. And earlier this month, Chinese electric vehicle maker BYD and stainless steel producer Tsingshan announced they were abandoning plans to build lithium cathode plants in Chile due to falling lithium prices. In other pledges, Beijing plans to invite 300 members from Latin American political parties to China annually for the next three years and facilitate 3,500 government scholarships and various other types of exchanges. Five Latin American countries will receive visa exemptions for travel to China, with more to follow, Xi said. It was not immediately clear which countries would become visa exempt. Simina Mistreanu, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
