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By Micah McCartney
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Beijing on Friday responded after U.S. President Donald Trump again hinted at additional tariffs on goods from China, touting the economic tool as a "big power" over the country.
Newsweek reached out to the U.S. Trade Representative by email with a request for comment.
Why It Matters
Trump levied tariffs, or import taxes, on a wide range of Chinese goods during his first term, citing unfair trade practices. Former President Biden retained the duties and raised them on several strategic industries, such as solar.
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In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.
What To Know
"We have one very big power over China, and that's tariffs, and they don't want them, and I'd rather not have to use it, but it's a tremendous power over China," Trump told (12:30) told Fox News host Sean Hannity in an interview that aired on Thursday.
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Asked to respond to the president's remarks during the Chinese Foreign Ministry's regular press conference Friday, spokesperson Mao Ning said: "We have repeatedly stated our position on this matter. China-U.S. economic and trade cooperation is mutually beneficial and win-win. Differences and frictions should be resolved through dialogue and consultation. Trade wars and tariff wars have no winners, do not serve the interests of any party, and are not beneficial to the world."
Trump has also frequently made the U.S. deficit a focal point. Last year, the U.S. imported $270 billion more goods from China than it exported to the country, U.S. Census Bureau data shows.
Among the flurry of executive orders Trump signed after taking office Monday was one ordering cabinet officials to review the deficit and extant trade agreements and to make recommendations for a proposed "External Revenue Service" that would be tasked with collecting collect trade-related revenues such as tariffs.
What People Are Saying
Chang Shu, chief Asia economist at Bloomberg Economics, said: "It's hard to know exactly what U.S. President Donald Trump was getting at with his latest comments on China tariffs ... That said, it's difficult to see Trump backing down from his tariff threats."
What's Next?
President Trump told reporters on Tuesday that he is considering a general 10 percent tariff on all Chinese imports as early as February 1, a rate significantly lower than the those he floated on the campaign trail.
Trump has also raised the possibility of tariffs on imports from Mexico and Canada, the U.S.'s top trade partners along with China, in a bid to stem the flow of the deadly opioid fentanyl over America's borders.
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