BEIJING (AP) - China is reaching out to other nations as the U.S. layers on more tariffs, in what appears to be an attempt by Beijing to form a united front to compel Washington to retreat. Days into the effort, it’s meeting only partial success from countries unwilling to ally with the main target of President Donald Trump’s trade war.
China reaches out to others as Trump layers on tariffs
BEIJING (AP) - China is reaching out to other nations as the U.S. layers on more tariffs, in what appears to be an attempt by Beijing to form a united front to compel Washington to retreat. Days into the effort, it’s meeting only partial success from countries unwilling to ally with the main target of President Donald Trump’s trade war.
Facing the cratering of global markets, Trump on Wednesday backed off his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favorable conditions.
China has refused to seek talks, saying the U.S. was insincere and that it will "fight to the end" in a tariff war, prompting Trump to further jack up the tax rate on Chinese imports to 125%. China has retaliated with tariffs on U.S. goods of 84%, which took effect Thursday.
Trump’s move was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China.