Market Chatter: China Says Trade War Unnecessary Amid Talks With US
China's commerce minister stated that a tariff war with the US is unnecessary following discussions with US officials in Europe. A tariff deal is anticipated before the August 12 deadline, following a preliminary agreement in June. Without a deal, global supply chains risk tariffs exceeding 100%. Minister Wang Wentao emphasized that major countries must take responsibility while China will protect its interests. This information is based on market conversations and may include speculation.
China's commerce minister said there is no need for a tariff war with the US after meeting with American counterparts in Europe, Reuters reported Friday.
China and the US are expected to strike a tariff deal before its deadline on Aug. 12, about two months after both countries reached a preliminary deal in June, the report said.
Global supply chains are facing the risk of having their tariffs hiked to over 100% if no deal is made, the report said.
During a press conference, Commerce Minister Wang Wentao told reporters that each major country should "shoulder their responsibilities", while China would safeguard its interests, the report said.
Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.
