Sanchez told reporters on a diplomatic journey to Asia that the EU could benefit from closer cooperation with China in the face of uncertainty about US trade policy and fresh efforts by president Donald Trump to increase tariffs for almost all trading partners.“No 1 wins a trade war.
Each country loses’ “ Sanchez warned.Bessent defended Trump's tariff actions and urged partners not to side with Beijing, claiming his trade policy was devastating to the planet economy."The Minister of Economy in Spain made respective comments this morning:
"Oh, well, possibly we should ally with China more" — that would cut our throats" said Bessent at a press conference.
"This Chinese export that will be stopped by the American tariff wall... The Chinese business model... never ends.
They simply produce, produce, dumping and dumping.”Trump announced on Wednesday a 90-day break in reciprocal tariffs for 75 countries that had previously charged duties of between 10% and 50% for what he called unfair trade imbalances, and reduced duties to a fixed rate of 10% for all but Beijing.
Instead, he hit China with another rise to 125%, accusing Beijing of escalation after raising tariffs for American goods to 84%."As far as escalation is concerned, the biggest criminal in the global trading strategy is China and is the only country to escalate", According to Bessent.The Chief of Treasury said that many countries are presently seeking negotiations with Washington after tariff changes, paying attention to upcoming talks with Japan and Vietnam.
He besides said that he hoped to finalize fresh trade agreements with US allies to make a united front against what he called an unsustainable trade structure of China.China powerfully opposed the tariffs and promised to fight them.On Wednesday, the Chinese Ministry of Finance named the last tariff increases in the USA ‘mistake’, which "infringes the legitimate rights and interests of China and seriously harms the principle-based multilateral trading system".
Translated by Google Translator
source:https://www.rt.com/news/615507-eu-cut-throat-pivot-china/
