China urged other nations to fight back against U.S. tariff threats, as Foreign Minister Wang Yi called Washington a “bully” and said appeasement would only deepen the pressure. Speaking at a BRICS gathering of senior diplomats in Rio de Janeiro, Wang warned that using tariffs as bargaining chips lets the United States demand “exorbitant prices from all countries.” He told emerging nations that “if one chooses to remain silent, compromise and cower, it will only make the bully want to push his luck more.” The remarks come while the Trump administration hints at new trade tools aimed at Beijing. To reinforce the message, the Chinese Foreign Ministry released a video with bilingual subtitles on Tuesday. “China won’t kneel down,” the narrator said. “Standing up for ourselves keeps the possibility of cooperation alive, while compromise snuffs it out.” The clip said Beijing would hold firm for the good of the wider world. Asian markets inched higher The offshore yuan gained 0.2 percent, its strongest level in more than three weeks, after the People’s Bank of China set a higher daily reference rate on Tuesday. Chinese shares in Hong Kong climbed as much as 1.1 percent, while mainland stocks slipped slightly in afternoon trade. Volumes stayed below average. Beijing is pushing to cast itself as a defender of free trade when U.S. tariffs threaten to reshape the global economy. The government has often urged partners not to cut side deals with the U.S. president. “They want to show resolve because they believe that showing weakness is playing a losing card,” said Dylan Loh, an assistant professor at Nanyang Technological University in Singapore. “But that does not mean they won’t want to cut a deal or create off ramps.” Washington says Beijing must make the first move to cool tensions. U.S. Treasury Secretary Scott Bessent told CNBC on Monday that the administration keeps an “escalation ladder” but is “anxious not to have to use it.” He argued that China’s reported suspension of 125 percent tariffs on some U.S. imports, including medical gear, plane leases, and several semiconductor items, signals a desire to dial down the fight. “What we haven’t done is escalate by embargoing those goods or putting a trade ban on those goods, which we could if we needed to, to gain more leverage,” Bessent added in a separate Fox News interview. He suggested that Washington could bar certain exports if Beijing did not return to the talks. China has denied trade negotiations China denies that any negotiations are underway. Officials say discussions can start only after all U.S. tariffs are lifted and both sides treat each other as equals. Beijing is also working to cushion its economy from further shocks. Analysts at Nomura estimate the tariff lineup could cost as many as 15.8 million Chinese jobs. Goldman Sachs warns that clothing industries and chemical manufacturers are particularly exposed because a large percentage of their exports go to the United States. On Monday, Chinese ministries promised help for exporters hit by tariffs. They also said the central bank will release more liquidity and cut interest rates “at an appropriate time” to support growth. Exports accounted for one-third of China’s economic expansion last year. As both capitals trade words and prepare new tools, Wang urged BRICS partners not to kneel down. “The United States, which has long benefited from free trade, is now going so far as to use tariffs as a bargaining chip,” he said. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
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