The US-China trade war escalates as President Trump implements 10% tariffs on all Chinese imports. China responds with targeted tariffs and potential sanctions against US companies. The possibility of a call between Trump and President Xi Jinping to de-escalate the situation remains uncertain.
U.S. President Donald Trump stated on Tuesday that he is not in a hurry to engage in a conversation with Chinese President Xi Jinping to de-escalate the burgeoning trade war between the world's two largest economies. This trade conflict was ignited by Trump's implementation of sweeping 10% tariffs on all Chinese imports. In response, China retaliated by imposing targeted tariffs on U.S. imports and issuing warnings of potential sanctions against several companies, including Google.
While a dialogue between Xi and Trump is widely seen as crucial for potentially easing or delaying these tariffs, as conversations with Mexican and Canadian leaders achieved on Monday, White House spokeswoman Karoline Leavitt revealed that a Trump-Xi call remains unscheduled. Leavitt told reporters that President Xi had indeed attempted to reach out to President Trump for a discussion, possibly to initiate negotiations. The outcome of this potential conversation remains to be seen. Beijing's measured and limited response to Trump's implementation of a 10% tariff on all Chinese imports signifies an attempt by Chinese policymakers to engage Trump in discussions aimed at averting a full-blown trade war. Capital Economics, a UK-based research firm, estimated that China's retaliatory tariffs would encompass approximately $20 billion of annual imports, significantly less than the $450 billion worth of Chinese goods subject to the Trump tariff, which took effect on Tuesday. Julian Evans-Pritchard, the firm's head of China Economics, commented that these measures are relatively modest compared to U.S. actions and have been carefully calibrated to convey a message to the United States.Trump's Monday decision to suspend his threat of 25% tariffs on Mexico and Canada, granting a 30-day reprieve in exchange for concessions on border security and crime enforcement, highlights the potential for negotiation and compromise. Although Trump hinted on Sunday that the European Union might be his next target for tariffs, he did not specify a timeline. Ursula von der Leyen, head of the EU's executive European Commission, asserted that Brussels would be prepared for challenging negotiations but stressed the importance of establishing a stronger partnership with the EU's largest trade and investment partner. She emphasized that the EU would be both open and pragmatic in pursuing its interests while firmly protecting its own. Although the European Commission and the new U.S. administration have engaged in technical-level contact, direct communication between von der Leyen and Trump has yet to occur, according to a Commission spokesperson.
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