China has accused the United States of seriously violating a trade truce and said it is ready to take decisive measures to protect its own interests amid renewed tensions between the world’s two leading economies. About this informs Financial Times.
At the beginning of May, during negotiations in Geneva, China and the US reached an agreement on the temporary reduction of tariffs, which reached 145%. China’s Ministry of Commerce said in recent weeks Washington had introduced “a series of discriminatory and restrictive measures” that undermined the Geneva consensus and harmed “China’s legitimate rights and interests.”
“If the US persists and continues to harm China’s interests, China will continue to take strong and decisive measures to protect its legitimate rights.”, the ministry said.
These include, in particular, US actions, such as a ban on the use of Huawei chips in the world, an end to sales of chip design software to Chinese companies, and the cancellation of visas for Chinese students.
The American side believed that the May 12 agreement was supposed to lead to the lifting of restrictions on the export of rare earth metals, which China introduced in April. However, Beijing maintained the current regime and only gradually agreed to supply to the US.
These critical minerals are widely used in the US production of motor vehicles, electronics and defense products, so the slow pace of their export threatens to stop certain production chains in the US.
“The US has unilaterally provoked new trade frictions. Instead of reflecting on its own actions, it baselessly accused China of violating the consensus,” – emphasized the Ministry of Commerce of China.
