China hits back at Canada with fresh agriculture tariffs

[ety]

Official media said it was balanced and beneficial to both sides and praised Finance Minister Bensont for his rationality.



View attachment 119888

China and the United States issued a joint statement after the economic and trade talks in Geneva, and both sides will significantly suspend tariffs and reduce each other by 115%. Bloomberg pointed out that the statement showed that both China and the United States would temporarily reduce tariffs for 90 days. The US tariffs on Chinese goods would be reduced from 145% to 30%, while China's tariffs on the US would be reduced from 125% to 10%.

The new media "Yuyuan Tantian" under the official media CCTV published an article today (12th) stating that it understood that the joint statement reached at this meeting was balanced and beneficial to both sides.

The picture shows U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer speaking to the media after trade negotiations with China in Geneva, Switzerland on May 11, 2025. (Keystone/EDA/Martial Trezzini/Handout via REUTERS)

The article Yuyuan Tantian quoted Luo Zhenxing, director of the Economics Department of the Institute of American Studies of the Chinese Academy of Social Sciences, as saying that there are two factors that have contributed to the substantial progress made in such a short period of time:

First, in this round of Sino-US economic and trade frictions, the US imposed abnormally high tariffs on China, and China resolutely countered to safeguard its own interests. Both sides raised their tariffs to the level of prohibitive tariffs in a very short period of time. Therefore, the impact on both sides was immediate.

The second factor is that after experiencing the last round of Sino-US trade frictions, both China and the United States have become more experienced and have a good understanding of each other's demands.

"Yuyuan Tantian" also quoted Gong Jiong, a professor at the Department of Economics of the University of International Business and Economics, as saying that the main purpose of this communication is to restore Sino-US trade first. On the basis of the restoration, China and the United States will also discuss more issues.

"Yuyuan Tantian" pointed out that regarding the agreement between China and the United States to establish an economic and trade consultation mechanism, the respective economic and trade leaders of China and the United States will jointly lead this mechanism, and the economic and trade teams of both sides will conduct regular and irregular communication on issues in China-US economic and trade. The time and place of future communication will be further agreed upon by both sides.

"Bessant is more rational"​

The article in "Yuyuan Tantian" also mentioned the US trade negotiating representative, US Treasury Secretary Scott Bessent, saying, "At present, Bessent seems to be more rational. During this meeting, the Chinese delegation also gave positive comments to the US delegation."

Lol, China should have kept on the restrictions of rare earth minerals exports to US, hit them where hurts. Doesn't want to see vice Premier He turn to another appeaser like former negotiator vice Premier Liu. China should significantly reduce trade with US to like only 5% of its total exports, 14.7% now is still too much, even if new trade agreement can be reached. US is not to be trusted anymore by China.

 

[Beijingwalker]

I always knew Trump was just bluffing, the only respects power which China has a lot.

 

[MH.Yang]

Among the main drivers of Beijing's climb-down were internal signals that Chinese companies were struggling to avoid bankruptcies and to replace the U.S. market, three people familiar with the Chinese government's thinking said.

Some areas feeling immediate impact were furniture and toy makers, as well as textiles, said one of the officials.

U.S. diplomats in China have also been closely monitoring factory closures, strikes, and job losses in the industrial heartland in southern China.

Many analysts have downgraded their 2025 economic growth forecasts for China, and investment bank Nomura has warned the trade war could cost it up to 16 million jobs. China's central bank this week announced fresh monetary stimulus.
One of the officials said Chinese companies were struggling to replace the U.S. market because developing nations cannot buy as many items, and that for many firms this was an existential threat that needed to be resolved in days or weeks.

In addition, Beijing was worried it was left without a place at the negotiating table while its major trading partners, such as Vietnam, India and Japan, began talks with Washington, said two officials familiar with Beijing's thinking.

https://www.reuters.com/world/inside-chinas-decision-come-table-trump-tariffs-2025-05-09/

China is bending the knee

As soon as China pinches its neck MAGA rolls its eyes, and as soon as China lets go MAGA starts bragging again.

Both sides returned to 10% tariffs and there was no commitment from China to increase any imports. China also signed a soybean deal with Brazil, a North American oil deal with Canada, a beef deal with Australia, and a natural gas deal with the UAE, and the Chinese government gave the market for all four of the largest U.S. exports to China to other countries. And then MAGA says the US won?

The anti-Chinese media made a couple of fake anti-Chinese videos using footage from the Chinese Spring Festival period and that equals a win for the US right?

 

[Mero]

Wow, Chinese are total idiots. The only thing China needs to do in trade talks with the US is threaten to go to a gold and silver backed yuan if the tariffs are not pulled. Then once Trump pulls the tariffs on China, tell the Americans that China is going to keep their high tariffs on the US or the Chinese go to a gold and silver backed yuan. The Americans would be forced to agree or else see their dollar empire end. Then the Chinese can demand Americans to buy hundreds of billions in more Chinese goods or else China would go to a gold and silver backed yuan. US would be forced to agree or see their dollar empire crumble, crash and burn.

A gold and silver backed yuan is nuclear war on the dollar. Trump chimps out over threats to the dollar. Tell the Americans you have enough gold to back the yuan to end the dollar empire.

Chinese are total idiots. Chinese in this deal with Uncle Satan crashed the price of gold, which is their only leverage against Trump.

China cannot afford a war with the US, gold backing the yuan is an instant victory against Washington and is total leverage for China to get anything it wants from Washington. The more deals China makes with the US, the more gold is gonna crash and the weaker that leverage is against the US.

Kissinger and China were BFFs. And so there was never real resistance in China against the Americans.

https://tineye.com/api/v1/query/eafff15775ac0123d5a8eddfc7add9ec6ec778c0?size=160

 

[Mero]

BTW I explained in many previous posts how China can successfully implement a gold backed yuan without harm to their economy in terms of loans, debt, consumer economy and so on.

 

[Mero]

China has no clue what gold is for. And since China is not using their gold to defeat Washington. Why doesn't China sell their entire domestic and national gold supply to me for 1 cent. I'll make better use of it.

China can then abandon their yuan and implement Trump coins or bitcoin as their own currency to sell out to Trump moreso.

Chinese national policy: blame white skin for Trump and other barbarians from NE Asia. Then sell out to Trump to make the money to get rich from the continued suffering caused on the globe by Anglo-Americans.

 

[casualhero]

Lol, China should have kept on the restrictions of rare earth minerals exports to US, hit them where hurts. Doesn't want to see vice Premier He turn to another appeaser like former negotiator vice Premier Liu. China should significantly reduce trade with US to like only 5% of its total exports, 14.7% now is still too much, even if new trade agreement can be reached. US is not to be trusted anymore by China.

nowhere did the article mention rare earth export controls

 

[ety]

nowhere did the article mention rare earth export controls

It's mentioned in some other reporting as in the article below.

 

[ety]

Ministry of Commerce: Substantially reducing bilateral tariffs between China and the United States is in the common interests of both countries and the world​

China Media Group International Online
May 12, 2025 22:13:59

International Online News: According to the Ministry of Commerce website, from May 10 to 11 local time, the Chinese chief negotiator of China-US economic and trade, Vice Premier He Lifeng, and the US chief negotiators, US Treasury Secretary Bessant and Trade Representative Greer, held high-level China-US economic and trade talks in Geneva, Switzerland. The two sides had candid, in-depth and constructive communication on the implementation of the important consensus reached during the phone call between the Chinese and US heads of state on January 17 this year, and reached a series of important consensus in the economic and trade fields. At 9:00 a.m. local time on May 12, the two sides issued the "Joint Statement of the China-US Geneva Economic and Trade Talks." The Ministry of Commerce spokesperson made a statement on this matter.

The spokesperson of the Ministry of Commerce stated in the conversation that since April 2025, the US government has imposed so-called "reciprocal tariffs" on China on the basis of its previous unilateral tariffs, and China has taken firm and legitimate countermeasures. Subsequently, the United States successively escalated its tariff measures, raising the "reciprocal tariff" rate on China from 34% in the first round to 84% and 125% respectively. The high tariffs imposed by the United States seriously damage normal bilateral economic and trade exchanges and seriously undermine the international economic and trade order. The joint statement reached during the talks was an important step for both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

The spokesperson said that the two sides reached a number of positive consensus in the joint statement. The two sides recognize the importance of bilateral economic and trade relations to the economies of both countries and the global economy, and the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations, and will continue to advance relevant work in the spirit of mutual openness, continuous communication, cooperation and mutual respect. The two sides agree to jointly take the following measures:

The United States pledged to cancel a total of 91% of tariffs imposed on Chinese goods pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025, and to amend the 34% reciprocal tariffs imposed on Chinese goods pursuant to Executive Order No. 14257 of April 2, 2025, of which 24% of tariffs will be suspended for 90 days and the remaining 10% of tariffs will be retained. Accordingly, China has canceled a total of 91% of its retaliatory tariffs on U.S. goods; in response to the U.S.'s 34% retaliation tariffs, China has suspended 24% of the tariffs for 90 days, and retained the remaining 10%. China has also suspended or canceled its non-tariff countermeasures against the United States accordingly.

The two sides agreed to establish a China-US economic and trade consultation mechanism, maintain close communication on their respective concerns in the economic and trade fields, and conduct further consultations. The Chinese representative was Vice Premier He Lifeng, and the US representatives were Treasury Secretary Bessant and Trade Representative Greer. The two sides will conduct consultations regularly or irregularly in China and the United States, or in an agreed third country. As needed, the two sides may conduct working-level consultations on relevant economic and trade issues.

The spokesperson pointed out that this high-level economic and trade talks between China and the United States achieved substantial progress and significantly reduced the level of bilateral tariffs. The United States canceled a total of 91% of its additional tariffs, and China correspondingly canceled 91% of its retaliatory tariffs. The United States suspended the implementation of a 24% "reciprocal tariff", and China also correspondingly suspended the implementation of a 24% retaliatory tariff. This move is in line with the expectations of producers and consumers in both countries, and is also in line with the interests of both countries and the common interests of the world. We hope that the US side will build on this meeting and continue to work with China to thoroughly correct the wrong practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy.

商务部：中美大幅降低双边关税水平 符合两国和世界共同利益

商务部：中美大幅降低双边关税水平 符合两国和世界共同利益

news-ifeng-com.translate.goog

 

[SolarWarden]

Let me simplify it so that even celestials can understand who is giving in...

Orange man didn't like status quo and the fact that china did not follow Trump's first term deal so 150% tariffs. The 150% tariffs are not coming down until some deal by Xi is made which lo and behold a deal was made by china that pleased Trump for now therefor tariffs have been reduce by US and china for 90 days. Xi gave in on one of Trump's demands plain and simple. Status quo is not coming back only way tariffs are gone is if Xi gives in and today was the beginning of Xi giving in because china is bleeding jobs which means celestials can't pay their rent which the housing market in china is already wobbly.

 

[JsCh]

CHINA'S RARE EARTH EXPORT RESTRICTIONS CONTINUE: YUYUANTANTIAN, A WEIBO ACCOUNT AFFILIATED WITH CHINA CENTRAL TELEVISION.

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[casualhero]

Ministry of Commerce: Substantially reducing bilateral tariffs between China and the United States is in the common interests of both countries and the world​

China Media Group International Online
May 12, 2025 22:13:59

International Online News: According to the Ministry of Commerce website, from May 10 to 11 local time, the Chinese chief negotiator of China-US economic and trade, Vice Premier He Lifeng, and the US chief negotiators, US Treasury Secretary Bessant and Trade Representative Greer, held high-level China-US economic and trade talks in Geneva, Switzerland. The two sides had candid, in-depth and constructive communication on the implementation of the important consensus reached during the phone call between the Chinese and US heads of state on January 17 this year, and reached a series of important consensus in the economic and trade fields. At 9:00 a.m. local time on May 12, the two sides issued the "Joint Statement of the China-US Geneva Economic and Trade Talks." The Ministry of Commerce spokesperson made a statement on this matter.

The spokesperson of the Ministry of Commerce stated in the conversation that since April 2025, the US government has imposed so-called "reciprocal tariffs" on China on the basis of its previous unilateral tariffs, and China has taken firm and legitimate countermeasures. Subsequently, the United States successively escalated its tariff measures, raising the "reciprocal tariff" rate on China from 34% in the first round to 84% and 125% respectively. The high tariffs imposed by the United States seriously damage normal bilateral economic and trade exchanges and seriously undermine the international economic and trade order. The joint statement reached during the talks was an important step for both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

The spokesperson said that the two sides reached a number of positive consensus in the joint statement. The two sides recognize the importance of bilateral economic and trade relations to the economies of both countries and the global economy, and the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations, and will continue to advance relevant work in the spirit of mutual openness, continuous communication, cooperation and mutual respect. The two sides agree to jointly take the following measures:

The United States pledged to cancel a total of 91% of tariffs imposed on Chinese goods pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025, and to amend the 34% reciprocal tariffs imposed on Chinese goods pursuant to Executive Order No. 14257 of April 2, 2025, of which 24% of tariffs will be suspended for 90 days and the remaining 10% of tariffs will be retained. Accordingly, China has canceled a total of 91% of its retaliatory tariffs on U.S. goods; in response to the U.S.'s 34% retaliation tariffs, China has suspended 24% of the tariffs for 90 days, and retained the remaining 10%. China has also suspended or canceled its non-tariff countermeasures against the United States accordingly.

The two sides agreed to establish a China-US economic and trade consultation mechanism, maintain close communication on their respective concerns in the economic and trade fields, and conduct further consultations. The Chinese representative was Vice Premier He Lifeng, and the US representatives were Treasury Secretary Bessant and Trade Representative Greer. The two sides will conduct consultations regularly or irregularly in China and the United States, or in an agreed third country. As needed, the two sides may conduct working-level consultations on relevant economic and trade issues.

The spokesperson pointed out that this high-level economic and trade talks between China and the United States achieved substantial progress and significantly reduced the level of bilateral tariffs. The United States canceled a total of 91% of its additional tariffs, and China correspondingly canceled 91% of its retaliatory tariffs. The United States suspended the implementation of a 24% "reciprocal tariff", and China also correspondingly suspended the implementation of a 24% retaliatory tariff. This move is in line with the expectations of producers and consumers in both countries, and is also in line with the interests of both countries and the common interests of the world. We hope that the US side will build on this meeting and continue to work with China to thoroughly correct the wrong practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy.

商务部：中美大幅降低双边关税水平 符合两国和世界共同利益

商务部：中美大幅降低双边关税水平 符合两国和世界共同利益

news-ifeng-com.translate.goog

Rare earth restriction aren't about trade, they are about national security and aren't cancelled. In fact China just strengthen enforcement to make sure no rare earths are smuggled out. The only way I can see China loosen rare earth restriction is if US does the same with chips.

 

[ety]

Rare earth restriction aren't about trade, they are about national security and aren't cancelled. In fact China just strengthen enforcement to make sure no rare earths are smuggled out. The only way I can see China loosen rare earth restriction is if US does the same with chips.

The restrictions or bans on some rare earth minerals came out the same time as the Chinese reciprocal tariffs on US products, so I am not sure they were the same package response. I hope it will not be lifted, not bending to US, it's a matter of national security.



Tariff War | US Trade Representative: China agrees to lift controls on rare earth exports to the US




China and the United States recently negotiated on tariffs in Switzerland. Both sides agreed to suspend and reduce each other's tariffs within the next 90 days, that is, China's tariffs on the United States will drop by 10%, and the United States' tariffs on China will reach 30%. U.S. Trade Representative Jamieson Greer pointed out that in addition to making concessions on tariffs, Beijing also agreed to lift export restrictions on rare earth minerals and magnets.

Reuters reported that Greer said in an interview with Fox News that China restricted the export of rare earth minerals and magnets after President Donald Trump announced "reciprocal tariffs" on April 2, and agreed to lift the export restrictions after negotiations.

U.S. Treasury Secretary Scott Bessent, who was involved in the tariff negotiations, said the tariffs effectively created an embargo, which neither side wanted.

The picture shows U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer speaking to the media after trade negotiations with China in Geneva, Switzerland on May 11, 2025. (Keystone/EDA/Martial Trezzini/Handout via REUTERS)

Rare earth metals and magnets are key ingredients used to make car, aircraft and semiconductor parts. In early April, the Chinese government announced restrictions on the export of six rare earth elements and magnets, including samarium, gadolinium, zirconium, dysprosium, lutetium, scandium and yttrium, stating that these materials have dual-use properties and are aimed at better safeguarding national security and fulfilling international non-proliferation obligations. Exporters must obtain permission from relevant departments before they can export the relevant materials and products, and the review takes 45 days.

關稅戰｜美國貿易代表：中國同意取消對美國出口稀土的管制

中國與美國日前在瑞士就關稅談判，雙方同意在未來90日內暫緩並降低對方關稅，即中國對美國關稅回落10%，美國對中國關稅達30%。美國貿易代表格里爾

www-hk01-com.translate.goog

 

[JsCh]

WHITE HOUSE EXECUTIVE ORDER SAYS US WILL CUT "DE MINIMIS" TARIFF ON CHINA SHIPMENTS FROM 120% TO 54%, MINIMUM FLAT FEE OF $100 TO REMAIN.#CHINA #US #TRUMP #TARIFFS

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[casualhero]

US customers should get Chinese rare earth permits more easily after trade truce, say sources​

By Reuters
May 12, 20257:28 AM PDTUpdated 19 hours ago

A truck carrying a container moves at the Yantian port in Shenzhen, Guangdong province, China April 17, 2025. REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights, opens new tab
BEIJING, May 12 (Reuters) - Rare earth export permits for U.S. customers are likely to have an easier time getting approval from Beijing after Monday's trade war truce, however a complete removal of the restrictions is unlikely, according to two sources in the industry in China.
China added seven rare earths and related items to a control list in April as part of its retaliation against U.S. tariffs. The decision means exporters need to apply for licenses before selling outside China.
The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.

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While the decision applied to all countries, the likelihood of U.S. customers receiving export licenses during the trade war looked unlikely. Elon Musk said last month Tesla was in talks with Beijing over licenses for its Optimus robots.
The truce announced on Monday could see the Ministry of Commerce expedite approvals, which in theory take 45 days, and even grant licenses for U.S. customers soon, according to two sources in the industry who were granted anonymity given the sensitivity of rare earths in China.
"We are expecting to see an acceleration in the issuance of the required export license and exporters with clients in the U.S. might get a license soon," said one of the sources.
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However, China is unlikely to remove the export controls because they form part of a broader package of measures designed to give Beijing greater control over various critical minerals where it dominates the mining or processing, they added.
China, the world's largest supplier of dozens of strategic minerals, began imposing restrictions in 2023 on exports of several minerals vital to sectors ranging from chipmaking and energy transition to defence.
The United States, which imports most of its rare earths from China, faces the threat of being cut off the critical minerals vital to defence and other high-tech sectors.

Reporting by Beijing newsroon and Lewis Jackson; Editing by Ros Russell

https://www.reuters.com/world/china/us-customers-should-get-chinese-rare-earth-permits-more-easily-after-trade-truce-2025-05-12/