Hong Kong (AP) A top Commerce Ministry official stated Friday in Beijing that higher tariffs on Chinese exports will just increase consumer costs while China can withstand the effects of such external shocks.
Vice Commerce Minister Wang Shouwen responded to a reporter’s inquiry regarding U.S. President-elect Donald Trump’s proposal to impose 60% tariffs on Chinese goods by stating that this would not address the nation’s trade deficit issue.
Wang stated at a press conference that, on the contrary, it raises the cost of the nation’s imports from China and other nations, adding that rising costs fuel inflation.
According to Wang, China is open to having respectful conversations with the United States for the mutual benefit of both nations.
According to him, “we think it will be beneficial (to everyone) if China and the U.S. can maintain a stable, healthy, and sustainable development trend in economic and trade relations.”
According to Wang, China’s overall foreign trade, including imports and exports, increased by around 5% from January to October of 2023 to 36 trillion yuan, or nearly $5 trillion.
China’s ruling Communist Party is struggling to reverse a property market downturn, revive growth, deal with mounting local government debts, and deal with high employment among Chinese youths. Despite the positive message, the threat of higher tariffs, which follow increases during Trump’s first administration and additional import duty hikes by the Biden administration, threatens to compound Beijing’s problems.
According to a UBS research released earlier this year, a 60% levy on Chinese imports may reduce China’s anticipated economic growth by 2.5 percentage points, or roughly half.
Wang and other officials described how China is encouraging increased commerce and assistance in addressing climate change during the news conference on Friday.
Among these actions is the simplification of visa and customs procedures. Citizens of 29 nations, including France and Germany, are permitted to enter China without a visa, and this year has seen a sharp increase in international tourists after a decline during the pandemic.
More than half of the almost 8.2 million international tourists who came between July and September did so through visa-free routes, according to Tong Xuejun, a representative of the international Ministry’s consular division.
The Associated Press, 2024. All rights reserved. All rights reserved. It is prohibited to publish, broadcast, rewrite, or redistribute this content without authorization.
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