China dismisses US's tariff threats, calls it a 'meaningless numbers game'
China’s foreign ministry issued the statement on April 17 signalling that Beijing is reluctant to engage with Washington because of its provocative actions
China has decided not to pay any attention to what they call Trump's “meaningless tariffs numbers game" as tensions escalate between the two countries.
According toreports, China has brushed off the US's tariff threats which is making the US a “laughing stock”.
Numbers game
China's reaction comes after the US said it can impose tariffs up to 245 per cent retaliating to China imposing restrictions on Boeing jets and rare earth exports to the US.
The statement, was issued by China’s foreign ministry on Thursday (April 17) signalling that Beijing is reluctant to engage with Washington because of its highly provocative actions.
Also read: Why economists expect Trump’s tariffs to punish Americans more than Chinese
Moreover, Global Times reported that China has said that US's continued imposition of steep tariffs on Chinese goods has become nothing more than a "numbers game" with no real economic value.
According to the ministry, these inflated tariff figures revealed US is trying to use trade measures as tools of pressure and intimidation, which has turned Washington "into a laughingstock".
Tit-for-tit measures
After US imposed a 145 per cent tariff on Chinese goods, China directed its airlines not to take any new deliveries of Boeing jets and put a halt to purchases of US-made aircraft. Additionally, Beijing has imposed curbs on export of key rare earth materials, which are necessary for aerospace, semiconductors, and defence manufacturing. C
Hitting back, US went ahead and significantly raised tariff levels to as high as 245 per cent. The US defended its move saying it was compelled by what it called China’s “unfair” trade practices and export controls on strategic materials.
Also read: Trump’s China tariff war: Has he bitten off more than he can chew?
China not worried
China has made it clear that it can withstand a long trade conflict. What Beijing wants is for US to stop making threats and putting extreme pressure. If US wants to resolve the issue they need to do so through dialogue and negotiation not through threatening and blackmailing, China said, adding that they want the discussions to be held on the "basis of equality, respect and mutual benefit”.
US wants a trade deal, on their terms
Meanwhile, Washington claims President Donald Trump is willing to negotiate a trade deal with China but maintains that the first move must come from China.
The US claims they are stronger since they have something that China wants - the American consumer.
White House Press Secretary Karoline Leavitt said the ball is in China's court.
Also read: China retaliates with 125 per cent tariffs against US imports
“China needs to make a deal with us; we don't have to make a deal with them. There's no difference between China and any other country except they are much larger, and China wants what we have... the American consumer,” she said. Further, she added that they needed their money.
Both sides are showing no signs of making a move to de-escalate the trade war and it remains to be seen who will blink first.