financetom
Business
financetom
/
Business
/
China says it opposes latest US tariff threat after Trump sets Tuesday deadline
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China says it opposes latest US tariff threat after Trump sets Tuesday deadline
Feb 27, 2025 10:33 PM

BEIJING (Reuters) - Beijing said on Friday it opposed President Donald Trump's latest threat to slap an extra 10% duty on Chinese imports, accusing the U.S. of "shifting the blame" on the flow of fentanyl and promising retaliation to protect its interests.

China's Commerce Ministry said the country has some of the world's strictest anti-drug policies and highlighted the risks new tariffs would bring to global supply chains.

Trump said on Thursday his proposed 25% tariffs on Mexican and Canadian goods will take effect on Tuesday, along with the extra 10% duty on Chinese imports.

The fresh China tariffs, in addition to the 10% tariff levied on Feb 4, coincide with the start of China's annual parliamentary meetings on Wednesday, a set-piece political event where Beijing is expected to unveil its main economic priorities for 2025.

The announcement also leaves Beijing less than a week to publish countermeasures, as the Trump administration shows signs of a hardening stance towards its strategic rival despite backing down on the threat of tariffs of up to 60% when Trump took office.

"China has repeatedly stated that unilateral tariffs violate World Trade Organization rules and undermine the multilateral trading system," a Commerce Ministry spokesperson said in a statement.

"China has one of the strictest and most thoroughly enforced anti-drug policies in the world," it said. "This time, (the U.S.) once again is threatening additional tariffs. Such behaviour is purely 'shifting blame and shirking responsibility,' which is not conducive to solving its own problems."

Analysts say Beijing still hopes to strike a deal with the Trump administration, but with trade talks not materialising yet and the White House ramping up signs it is preparing for a wider economic decoupling from China, the prospect of a rapprochement between the world's top two economies remains unclear.

"There's been a lot of motion, but it's still not clear exactly what the Trump administration's fundamental goal is with respect to China," said Christopher Beddor, deputy China research director at Gavekal Dragonomics.

The Commerce Ministry said it hoped to return to negotiations with the U.S. as soon as possible, warning that failure to do so could trigger retaliation.

"If the U.S. insists on proceeding with this course of action, China will take all necessary countermeasures to safeguard its legitimate rights and interests."

Trump told reporters in the Oval Office on Thursday he decided to add the extra tariffs on China and stick to the Tuesday deadline for Canada and Mexico given what his administration sees as insufficient progress on curbing fentanyl flows into the country.

"There are ongoing discussions with the Chinese, Mexico and Canada," a White House official told Reuters. "We've gotten a good handle on the migration issue, but there are still concerns on the other issue of fentanyl deaths."

China's Public Security Ministry said on Friday it had added seven new precursor chemicals to a domestic control list and 24 new precursor chemicals to an export control list. It said that it had cracked 151 cases of drug-making materials and seized 1,427.4 tons of drug-making materials in the past year, without specifying whether these were related to fentanyl.

(Reporting by Joe Cash and Laurie Chen; Editing by Shri Navaratnam and Lincoln Feast.)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US fintech firm Broadridge to boost India headcount by 26% in 3 years, top exec says
US fintech firm Broadridge to boost India headcount by 26% in 3 years, top exec says
Jan 23, 2025
By Sai Ishwarbharath B BENGALURU - U.S. fintech firm Broadridge Financial will expand its India tech staff by 26% to 6,800 people over three years as it gears up to sell its products in the world's most populous nation, a top executive told Reuters. The firm, which counts JPMorgan Chase & Co, Bank of America and Wells Fargo among its...
Ford to recall over 270,000 US vehicles over battery concern, NHTSA says
Ford to recall over 270,000 US vehicles over battery concern, NHTSA says
Jan 23, 2025
(Reuters) -Ford Motor ( F ) is recalling 272,817 vehicles in the United States on concerns over battery failure, the National Highway Traffic Safety Administration (NHTSA) said on Thursday. The recall affects certain 2021-2023 Bronco Sport and 2022-2023 Maverick vehicles. The 12-volt battery may experience degradation and suddenly fail, which can result in a loss of electrical accessories, including the...
HSBC Holdings to Close Zing Payment App, Imperiling 400 Jobs
HSBC Holdings to Close Zing Payment App, Imperiling 400 Jobs
Jan 23, 2025
05:57 AM EST, 01/23/2025 (MT Newswires) -- HSBC Holdings ( HSBC ) said Thursday it is closing its Zing payment app and folding its functions into other banking operations. As part of the closure, about 400 jobs will be at risk, Reuters reported Wednesday, citing an unnamed source. After careful consideration, we have made the decision to close Zing and...
Ford to recall over 270,000 US vehicles over battery concern, NHTSA says
Ford to recall over 270,000 US vehicles over battery concern, NHTSA says
Jan 23, 2025
Jan 23 (Reuters) - The National Highway Traffic Safety Administration (NHTSA) said on Thursday Ford Motor is recalling 272,817 U.S. vehicles over battery failure concerns. ...
Copyright 2023-2025 - www.financetom.com All Rights Reserved