China has rejected Trump’s claims about trade talks and insisted that the U.S. lift all unilateral tariffs imposed on China. On Tuesday, Trump told reporters in the Oval Office that the “astronomical” duties on Chinese goods will “come down substantially.” He promised to be “very nice” in future negotiations and said he would not raise the subject of the COVID-19 outbreak when the two sides meet. Those remarks cheered investors who hope smaller tariffs will reduce costs for businesses and consumers. Beijing, however, showed little interest. “He who tied the bell must untie it,” Commerce Ministry spokesman He Yadong said at a Thursday briefing, repeating a Chinese proverb. “The unilateral tariff hikes were initiated by the United States. If Washington truly wishes to solve the problem, it should completely remove all unilateral tariff measures against China and handle differences through equal dialogue.” China’s officials dispute Trump’s claims Chinese officials also disputed Trump’s claim that trade talks are already underway. Late Wednesday, the president told reporters that U.S. and Chinese representatives speak “every day” about trade, though he offered no details. Foreign Ministry spokesman Guo Jiakun dismissed those comments the next morning. “These are all fake news,” Guo said. “To my knowledge, China and the United States have not engaged in any consultations or negotiations on the tariff issue, let alone reached any agreement.” Advisers close to Beijing’s leadership say Trump’s softer tone shows he is under domestic pressure from business and financial circles worried about the economic cost of the trade war. They argue that China, despite slower growth, can afford to wait while the United States deals with inflation and market swings. Xi has been trying to get Southeast Asia on his side Last week, President Xi Jinping toured Singapore, Malaysia, and Thailand to pitch China as a steady economic partner for Southeast Asia. The trip aimed to highlight Beijing’s regional influence, but analysts note that China’s own economy is no longer expanding at the double-digit pace it once enjoyed, a factor that may eventually push it back to the negotiating table. Trump’s latest comments followed a private White House meeting with the chief executives of Walmart, Target, Home Depot, and Lowe’s. According to people briefed on the session, the retailers warned that high import taxes, coupled with uncertainty about future policy, were squeezing profit margins and clouding holiday sales forecasts. Major investment banks have long argued that the U.S. tariffs, along with China’s 125 percent retaliatory duties on American exports, could tip both economies—and perhaps the world—into recession. While Trump did not spell out how deep the cuts might be, a senior White House official told the Wall Street Journal that Washington is thinking about trimming the current 145 percent tariff rate to somewhere “between roughly 50 percent and 65 percent.” News of a possible retreat was met with scorn on Chinese social media. On Wednesday, the hashtag “Trump chickened out” rose to the top of the popular Weibo platform, drawing more than 150 million views. Another tag discussing a plan to slice the duties to 50–65 percent also trended on Thursday. “Our side says we don’t care about that!” one user wrote, earning more than 1,000 likes. A second popular comment read, “If the so-called reciprocal tariffs aren’t even canceled—don’t bother negotiating with them!” Despite the online retaliation, both economies face mounting challenges. U.S. consumers are paying higher prices for Chinese-made goods, while exporters in many American farming states are struggling to regain lost market share. In China, factories that rely on U.S. demand report thinner order books month after month. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
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