A tariff reprieve from President Donald Trump sent global markets soaring on Wednesday, with the White House saying it’s been in touch with dozens of countries about striking deals, lining up calls and meetings in the coming weeks. But one country was conspicuously absent from any outreach: China
Axar.az reports, citing CNN, As the rest of the world received a 90-day respite, Trump escalated tariffs on China, saying the US will now charge an extra 145% on all Chinese goods that arrive in the US. In response, Beijing moved to exact pain on a strategic US industry by limiting the export of American movies, after already hiking its own tariffs on the US to 84%.
An unprecedented trade war between the world’s two economic superpowers is quickly taking shape, with both countries waiting for the other to blink.
Two senior White House officials tell CNN that the US will not reach out to China first. Trump has told his team that China must be the first to make the move, as the White House believes it is Beijing that has chosen to retaliate and further escalate the trade war.
That stance has been conveyed to Beijing for roughly two months, with Trump’s team clearly telling Chinese officials that President Xi Jinping should request a call with Trump. But Beijing has repeatedly refused to arrange a leader-level phone call, according to three sources familiar with the official communications.
One hurdle, Trump’s team believes, is Xi’s desire not to be seen as weak by making the first move and approaching the US for talks.
Trump, who envisions a grand bargain with China that increases US exports, cracks down on fentanyl exports and restructures TikTok for US users, has suggested Beijing would come around.
“China wants to make a deal. They just don’t know how quite to go about it,” Trump said on Wednesday during an event at the White House. “You know, it’s one of those things they don’t know quite – They’re proud people.”