China News
TRADE WARS
US Treasury chief says big deal to be done at some point; Xi warns protectionism leads nowhere
US Treasury chief says big deal to be done at some point; Xi warns protectionism leads nowhere
by AFP Staff Writers
Buenos Aires (AFP) April 14, 2025

Treasury Secretary Scott Bessent on Monday said there was no reason that the US and Chinese economies had to cleave apart, saying a deal could be done even as the two economic powerhouses trade tariff threats.

"There's a big deal to be done at some point" Bessent said when asked by Bloomberg TV about the possibility that the world's largest economies would decouple.

"There doesn't have to be" decoupling, he said, "but there could be."

Bessent stressed that a deal with China would be more difficult than with other nations because "China is both our biggest economic competitor and our biggest military rival."

The world's two largest economies have been locked in a fast-moving game of brinkmanship since US President Donald Trump launched a global tariff assault that particularly targeted Chinese imports.

Tit-for-tat exchanges have seen US levies imposed on China rise to 145 percent, with Beijing setting a retaliatory 125 percent band on US imports.

The US side has sent mixed messages about what it wants to achieve and whether tariffs that would rock the world economy can be avoided.

The White House had appeared to dial down the pressure recently, listing tariff exemptions for smartphones, laptops, semiconductors and other electronic products for which China is a major source.

But Trump and some of his top aides said Sunday that the exemptions had been misconstrued and would only be temporary as his team pursued fresh tariffs against many items on the list.

"NOBODY is getting 'off the hook'... especially not China which, by far, treats us the worst!" he posted on his Truth Social platform.

Bessent warned that Trump's tariffs were "not a joke."

"These are big numbers. I think no one who thinks they're sustainable wants them to remain here."

China's Xi Jinping on Monday kicked off a Southeast Asia tour with a visit to Vietnam -- where he warned that protectionism "will lead nowhere" and a trade war would "produce no winner."

"We must strengthen strategic resolve, jointly oppose unilateral bullying, and uphold the stability of the global free trade system as well as industrial and supply chains," Xi told Vietnam's top leader, To Lam.

The White House has said Trump remains optimistic about securing a trade deal with China, although administration officials have made it clear they expect Beijing to reach out first.

The trade war is raising fears of an economic downturn as the dollar tumbles and investors dump US government bonds, normally considered a safe haven investment.

China, Vietnam sign agreements after Xi warns protectionism 'leads nowhere'
Hanoi (AFP) April 14, 2025 - China and Vietnam signed dozens of cooperation agreements Monday, strengthening ties between the communist-run countries after Chinese leader Xi Jinping warned that protectionism "leads nowhere" and that a trade war would have "no winners".

Xi is in Vietnam for the first leg of a Southeast Asia tour, as Beijing tries to present itself as a stable alternative to an erratic US President Donald Trump, who announced -- and then mostly reversed -- sweeping tariffs this month.

The Chinese president was welcomed to Hanoi Monday with a 21-cannon salute, a guard of honour and rows of flag-waving children at the presidential palace, before holding talks with Vietnam's top leaders including General Secretary To Lam.

The two neighbours signed 45 cooperation agreements, including on supply chains, AI, joint maritime patrols and railway development.

Xi's visit comes almost two weeks after the United States -- manufacturing powerhouse Vietnam's biggest export market in the first three months of the year -- slapped a 46 percent levy on Vietnamese goods as part of a global trade blitz.

Although the reciprocal tariffs on Vietnam and most other countries have been paused, China still faces enormous levies and is seeking to tighten regional trade ties and offset their impact during Xi's first overseas trip of the year.

Xi will depart Vietnam on Tuesday, travelling onwards to Malaysia and Cambodia on a tour that "bears major importance" for the broader region, Beijing has said.

Speaking during a meeting with Lam, Xi said Vietnam and China were "standing at the turning point of history... and should move forward with joint hands".

Xi earlier urged the two countries to "resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment".

He also reiterated Beijing's line that a "trade war and tariff war will produce no winner, and protectionism will lead nowhere" in an article published on Monday in Vietnam's major state-run Nhan Dan newspaper.

Vietnam's Lam said in an article posted on the government's news portal on Monday that his country "is always ready to join hands with China to make cooperation between the two countries more substantive, profound, balanced and sustainable".

- 'Bamboo diplomacy' -

Vietnam was Southeast Asia's biggest buyer of Chinese goods in 2024, with a bill of $161.9 billion, followed by Malaysia with Chinese imports worth $101.5 billion.

Firming up ties with Southeast Asian neighbours could also help offset the impact from a closed United States, the largest single recipient of Chinese goods last year.

Xi is visiting Vietnam for the first time since December 2023.

China and Vietnam, both ruled by communist parties, already share a "comprehensive strategic partnership", Hanoi's highest diplomatic status.

Vietnam has long pursued a "bamboo diplomacy" approach -- striving to stay on good terms with both China and the United States.

The two countries have close economic ties, but Hanoi shares US concerns about Beijing's increasing assertiveness in the contested South China Sea.

China claims almost all of the South China Sea as its own but this is disputed by the Philippines, Malaysia, Vietnam, Indonesia and Brunei.

The Chinese leader insisted in his article on Monday that Beijing and Hanoi could resolve those disputes through dialogue.

"We should properly manage differences and safeguard peace and stability in our region," Xi wrote.

"With vision, we are fully capable of properly settling maritime issues through consultation and negotiation," he said.

Vietnam's Lam said in his article that "joint efforts to control and satisfactorily resolve disagreements... is an important stabilising factor in the current complex and unpredictable international and regional situation".

After Vietnam, Xi will visit Malaysia from Tuesday to Thursday.

Malaysian Communications Minister Fahmi Fadzil said Xi's visit was "part of the government's efforts... to see better trade relations with various countries including China".

Xi will then travel to Cambodia, one of China's staunchest allies in Southeast Asia and where Beijing has extended its influence in recent years.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Chinese exports soared in March ahead of Trump's 'Liberation Day'
Beijing (AFP) April 14, 2025
Chinese exports soared more than 12 percent last month, according to data Monday, beating expectations as businesses rushed to get ahead of swingeing tariffs imposed by US President Donald Trump on his so-called "Liberation Day". Beijing and Washington have been locked in a fast-moving, high-stakes game of brinkmanship since Trump launched a global tariff assault that has particularly targeted Chinese imports. Tit-for-tat exchanges have seen US levies imposed on China rise to 145 percent, and Be ... read more

TRADE WARS
Microbial profile mapped aboard China space station

China highlights major strides in moon research and exploration

Space station advances muscle and semiconductor science

China logs 15th orbital mission with launch of Tianlian II-04

TRADE WARS
China's economy beats forecasts ahead of Trump's 'Liberation Day'

Hong Kong official warns US 'hillbillies' over tariffs as China's trade soared in March

'Naive' to trust Chinese firm with British Steel, UK minister says

Chinese embassy slams UK politicians' 'arrogance' in British Steel row

TRADE WARS
TRADE WARS
E. Europe watching closely as US weighs troop numbers

Trump carves up world and international order with it

US may pull 10,000 troops from eastern Europe

Pentagon chief fires US military representative to NATO

TRADE WARS
Czech nuclear plants to get uranium from Kazakhstan

GE Hitachi moves forward with UK SMR bid

Nuclear fuel reaches new enrichment standard

Study explores radiation-driven chromium chemistry in molten salt reactors

TRADE WARS
Taiwan says China using AI to spread 'controversial' posts

Philippines says suspected spy confessions in China 'scripted'

Trump gives TikTok extra 75 days to find buyer

Pentagon watchdog to probe Signal chat row; US National Security Agency chief fired: US media Left clay

TRADE WARS
Czech nuclear plants to get uranium from Kazakhstan

GE Hitachi moves forward with UK SMR bid

Nuclear fuel reaches new enrichment standard

Study explores radiation-driven chromium chemistry in molten salt reactors

TRADE WARS
US halts Equinor's huge New York offshore wind project

Chinese energy giant Goldwind posts annual growth as overseas drive deepens

Clean energy giant Goldwind leads China's global sector push

Engineers' new design of offshore energy system clears key hurdle

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.