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Trade war escalates: Trump and China accuse each other!
US President Trump again accuses China of breaking agreements as the trade conflict escalates. Customs and visa restrictions in focus.
Trade war escalates: Trump and China accuse each other!
The trade conflict between China and the US is escalating again, with both sides blaming each other. US President Donald Trump accuses China of not adhering to the Geneva agreement that was supposed to lead to a temporary reduction in tariffs. After talks in Switzerland in mid-May, the agreed measures stipulated that US tariffs on Chinese imports would be reduced from 145% to 30% and Beijing tariffs on US imports would be reduced from 125% to 10%. This regulation was valid for 90 days, but Trump is now hesitating to implement it after accusing China of violating the treaty. Süddeutsche.de reports that Trump posted on Truth Social, but did not provide specific reasons for his allegations.
The Chinese Ministry of Commerce responded quickly to the allegations from Washington and criticized the USA for introducing new discriminatory restrictions. The restrictions on the sale of AI chips and chip design software to China as well as the cancellation of visas for Chinese students who want to study in the USA are particularly problematic. Beijing's statement emphasizes that the US allegations are unfounded and that China has complied with the terms of the agreement. Maschinenmarkt.de summarizes that the US government's tone has become tougher again.
Financial impact and stock market reactions
The trade dispute between the two world powers has not only political but also economic consequences. Trump's recent announcements have already led to losses in the markets. Investors' nervousness is palpable as new mutual accusations could further inflame the trade dispute. U.S. officials say China has reduced tariffs, but other trade barriers remain that threaten progress in negotiations.
Trump plans to meet with Chinese President Xi Jinping soon to discuss the conflicts and possibly find solutions. Such a meeting could be crucial for both sides to defuse the trade dispute and return to a more stable trading relationship. Until then, the economic situation will remain tense and developments will be closely monitored.