Amid rising trade tensions, a top Chinese official has assured US firms that China remains committed to protecting their interests and attracting foreign investment. China’s Vice Commerce Minister Ling Ji, speaking to a panel of American business representatives, said Beijing's new 34% tariffs on US imports “firmly protect the legitimate rights and interests of enterprises, including American companies,” according to a statement released Monday.
China’s Retaliation & Market Mayhem
These comments come after the market mayhem triggered by China’s retaliatory action against the Unites States, following the latter’s reciprocal tariffs announcement on April 2. China announced 34 percent tariffs on US imports on Friday, becoming the first major economy to fire back against President Donald Trump's swingeing new levies in an escalating global trade war.
Trump “Ready To Discuss Deficit’
Meanwhile, US President Donald Trump has said that he was willing to discuss the United States’ trade deficit with some countries. However, Trump would do so only if other nations come to the negotiating table. Speaking to reporters aboard US Air Force One on Monday, Trump said, “I do want to solve the deficit problem that we have with China, with the European Union, and other nations, and they are going to have to do that. If they want to talk about that, I'm open to talking. But otherwise, why would I want to talk.”
Trump Claims Tariff Success
He also went on to claim that the US economy was already benefiting from his actions, while slamming his predecessor Joe Biden again, and added, “as you know, because of the tariffs we have $7 trillion already committed to be invested in the United States, building auto plants, building chip companies, all sorts of companies are coming into our country, at levels we have never seen before. Biden had nothing coming in. This was a dead… this was a dead country with Biden. He didn’t know what he was doing.”
(Inputs From AFP)
