China: Giving concessions to the US makes it greedier.
Chinese Foreign Minister Wang Yi said during the BRICS Foreign Ministers’ Summit in Rio de Janeiro that making concessions and capitulating to the US in the trade war would only make Washington more arrogant, according to TASS.
Wang Yi stated that the US has long benefited greatly from free trade, but now it is using tariffs as a lever to skyrocket prices in other countries.
He stressed that if we compromise and make concessions in secret, the bully who has taken one step forward will take three miles forward and become more arrogant.
Beijing’s top diplomat also noted that at present, maintaining and adhering to multilateral trade rules is the most important and urgent issue.
Beijing and Washington have been locked in a trade war since US President Donald Trump imposed tariffs on Chinese imports, triggering a trade war between the two countries. They are trying to push each other back with ping-pong tariffs.
The US has already imposed 145% tariffs on Chinese goods, while Beijing has raised its tariffs on US imports to 125%.
The trade war, which Trump has claimed is in retaliation for Beijing’s unfair trade practices against Washington, has rocked markets and put the world at risk of recession.