Trade War Monitor, April 10: Open to Talks, But Won’t Flinch, China Says

U.S. President Donald Trump and Treasury Secretary Scott Bessent claimed that 75 of the U.S.'s trading partners reached out to cut deals due to Trump's "reciprocal tariffs," but China was not among them [para. 1]. Despite this impasse, China's ministries reiterated their readiness for equitable talks but insisted they would withstand the trade conflict [para. 2]. To counteract Trump's tariffs, China pursued alliances with the EU and ASEAN, yet the EU paused its counter-tariff plan after Trump's temporary tariff suspension [para. 3][para. 4].

The Chinese Premier emphasized new policies to manage trade war-related uncertainties, highlighting issues faced by exporters, manufacturers, and e-commerce businesses [para. 5]. The World Trade Organization warned that the U.S.-China trade tensions could severely reduce trade between the two economies [para. 6]. The situation is monitored closely for future impacts [para. 7].

While Trump lowered tariffs on other nations, China faced higher levies, elevating tariffs to 125% in retaliation for China's 84% levy on U.S. imports. Both countries expressed intentions to negotiate yet remain firm in their stances [para. 8]. China reached out to EU and ASEAN to form a coalition against U.S. tariffs, indicating global resistance against U.S. policies [para. 9].

Warnings were issued to Chinese citizens about traveling to the U.S., citing deteriorating relations and a new Ohio law affecting educational exchanges. These developments are perceived as hindrances to U.S.-China collaboration [para. 10]. China plans to reduce U.S. film imports to reflect the declining goodwill from the tariff policies while remaining open to international films [para. 11].

China restricted 45 U.S. companies from its market due to security concerns and their involvement with Taiwan. This action reflected the heightened trade conflict [para. 12]. The trade tension affected the Canton Fair's attendance, with fewer U.S. and European buyers due to Chinese goods' reduced competitiveness [para. 13].

Premier Li Qiang emphasized proactive policies and boosting domestic demand to counter external pressure, aiming for economic recovery while navigating rising U.S. tariffs [para. 5][para. 15]. Hong Kong saw a record inflow of mainland funds to its stock market amidst tariff-induced market fluctuations [para. 16]. As tariffs escalate, China seeks alternative import sources and accelerates technology self-sufficiency [para. 17].

Chinese exporters rushed to ship goods before new tariffs commenced, reflecting immediate trade war impacts [para. 18]. Cross-border e-commerce faced potential disruptions, particularly for platforms targeting U.S. consumers with small parcel delivery models [para. 19]. Uncertainty from U.S. trade policies caused Chinese companies to delay overseas expansion plans, adopting a cautious wait-and-see approach [para. 20].

A Canadian central banking official criticized Trump's tariffs for potentially destabilizing the international trade system and U.S. economy [para. 21]. Moreover, China's significant aluminum industry is challenged by the U.S.'s recent tariff increases on aluminum products [para. 22]. This multi-faceted trade war continues to evolve, showcasing the broad spectrum of economic and diplomatic challenges between the U.S. and China [para. 13][para. 22].