Since returning to the presidency in January, US President Donald Trump has imposed 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.
Beijing has responded with 125 percent tariffs of its own on US goods.
Speaking in Beijing at a news conference at which officials vowed greater steps to shield China's flagging economy from the impact of the standoff, senior economic planner Zhao Chenxin said Beijing was "on the right side of history".
"We firmly believe that if you are against the world and the truth, you will only isolate yourselves," Zhao said.
"Only by travelling with the world and with morality can we win the future," he added.
The United States, he said, "play cards out of thin air, bully and go back on their word", condemning Washington's "unilateralism and bullying".
US Treasury Secretary Scott Bessent on Sunday defended Trump's tumultuous tariff policy -- which has sent shivers through markets -- as a way of creating "strategic uncertainty" that gives Washington the upper hand.
Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.
Beijing, however, has vowed to fight a trade war "to the end" and denied US claims it is in talks with Washington.
But it has acknowledged global economic vicissitudes have strained its economy, long dependent on exports.
"External pressures are increasing," said Yu Jiadong of China's labour ministry on Monday.
"The US imposition of successive high-tariff measures has created production and operation challenges for some export-oriented companies and impacted some workers' jobs," he said.
Bessent defends 'strategic uncertainty' of Trump tariffs
Washington (AFP) April 27, 2025 -
US Treasury Secretary Scott Bessent on Sunday defended President Donald Trump's tumultuous tariff policy -- which has put global markets on a roller coaster -- as a way of creating "strategic uncertainty" that gives Washington the upper hand.
Since returning to the presidency in January, Trump has slapped 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.
Beijing has responded with 125 percent tariffs of its own on US goods.
Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.
"In game theory, it's called strategic uncertainty, so you're not going to tell the person on the other side of the negotiation where you're going to end up," Bessent told ABC's "This Week" news program.
"Nobody is better at creating this leverage than President Trump," the treasury secretary added.
"He's shown the high tariffs, and here's the stick. This is where the tariffs can go. And the carrot is, come to us. Take off your tariffs. Take off your non-tariff trade barriers. Stop manipulating your currency. Stop subsidizing labor and capital, and then we can talk."
Despite Trump saying that there are many deals on the table, details have been scant, and when pressed for clarification, Bessent dodged, only saying some negotiations were "moving along very well, especially with the Asian countries."
For now, Washington has prioritized discussions with key allies like Japan, South Korea and Switzerland.
Trump said in a recent interview with Time magazine that Chinese President Xi Jinping had called him to discuss trade between the world's top two economies, though Beijing again said Saturday that no trade talks had been held.
Bessent suggested that China might deny ongoing talks because "they're playing to a different audience."
On NBC's "Meet the Press," Secretary of State Marco Rubio refused to be drawn on whether Trump and Xi had spoken, emphasizing only that it was overall a "high-stakes negotiation."
The president suggested Sunday on his Truth Social platform that because of his tariffs policy, "massive numbers of jobs are already being created, with new plants and factories currently being built or planned."
Trump told Time that he would announce deals with US trading partners in the next few weeks.
China's export-driven economy harms 'entire world:' US Treasury chief
Washington (AFP) April 23, 2025 -
Beijing's export-reliant economic model is "unsustainable" and harms both China and the rest of the world, US Treasury Secretary Scott Bessent said Wednesday as the world's two biggest economies clash on trade.
"It's an unsustainable model that is not only harming China but the entire world," Bessent said in a Washington speech, stressing concerns around trade imbalances that US President Donald Trump says he hopes to address through sweeping tariffs.
But Bessent maintained that "America First does not mean America alone."
He insisted that the Trump administration's moves are a call for "deeper collaboration and mutual respect among trade partners," while taking aim at "intentional policy choices" by other countries that have hollowed out US manufacturing and put its security "at risk."
"This status quo of large and persistent imbalances is not sustainable," Bessent said. "It is not sustainable for the United States, and ultimately, it is not sustainable for other economies."
In the same speech at an Institute of International Finance forum on the sidelines of the IMF and World Bank's spring meetings, Bessent also said both institutions need to be made "fit for purpose" again.
He argued the International Monetary Fund and World Bank have strayed from their initial missions.
The IMF "has no obligation to lend to countries that fail to implement reforms," Bessent said.
"Economic stability and growth should be the markers of the IMF's success -- not how much money the institution lends out."
He added that the World Bank should also "no longer expect blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform."
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