Key Points

While addressing a press briefing on Wednesday, Lin said that China has repeatedly stated its solemn position on the tariff issue. He said that the tariff war was initiated by the US and that Beijing has taken countermeasures to protect its legitimate rights and interests and international fairness and justice, terming it completely "reasonable and legal."

He noted that tariff and trade wars have no winner. However, he said that China does not want to fight these wars but is not scared of them. He expressed China's commitment to joining hands and removing barriers.

Earlier in a statement shared on X, Lin Jian stated, "In a world full of uncertainties, China remains committed to joining hands, not throwing punches; removing barriers, not erecting walls; promoting connectivity, not pursuing decoupling."

While sharing the statement on X, Lin wrote, "China is the world's market and a source of opportunities for every country."

https://x.com/SpoxCHN_LinJian/status/1912358922045817185

Lin Jian's statement came after the White House fact sheet stated that China's retaliatory actions have resulted in up to a 245 per cent tariff on imports to the United States. Prior to the latest revision, a 145 per cent tariff was being levied on Chinese exports to the United States.

Earlier this month, US President Donald Trump imposed reciprocal tariffs on dozens of countries with which the country has a trade deficit. Later, Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal."

More than 75 countries have already reached out to discuss new trade deals," the White House fact sheet said.

"As a result, the individualised higher tariffs are currently paused amid these discussions, except for China, which retaliated," the fact sheet added.

For the time being, a baseline tariff of 10 per cent would be applicable on US imports. Trump imposed a 10 per cent tariff on all countries and individualised reciprocal higher tariffs on nations with which the US has the largest trade deficits to level the playing field and protect America's national security.

On Tuesday, White House Press Secretary Karoline Leavitt responded to questions on China during the press briefing. When asked if Trump would reduce tariffs on China to complete the TikTok deal, Leavitt said that Trump's position on China is "quite clear."

In her remarks, Leavitt said, "The President has made his position on China quite clear, although I do have an additional statement that he just shared with me in the Oval Office. The ball is in China's court. China needs to make a deal with us. We don't have to make a deal with them."

She elaborated, "There's no difference between China and any other country, except they are much larger. And China wants what we have, what every country wants, what we have -- the American consumer, or to put it another way, they need our money."

She further added, "So the President again has made it quite clear that he's open to a deal with China, but China needs to make a deal with the United States of America."

Trump unveiled the "Fair and Reciprocal Plan" on trade to restore fairness in US trade relationships and counter non-reciprocal trade agreements. Trump's reciprocal tariffs have led to a broad-based fall in global financial markets, with markets plunging in Asia and Europe.

The reciprocal tariffs have set off a sell-off in equities globally, and the US itself is no exception. Investors fear that the moves concerning global trade may raise inflation, risking economic growth. Since assuming office for his second term, Donald Trump has reiterated his stance on tariff reciprocity, emphasising that the US will match tariffs imposed by other countries, including India, to ensure fair trade.

- ANI