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Chinese Foreign Minister Wang Yi said on Tuesday that concession and retreat will only make the bully more aggressive, adding that dialogue can help resolve differences.  US Treasury Secretary Scott Bessent said late Monday that the US government is in contact with China but that it’s up to Beijing to take the first step in de-escalating the tariff fight with the US due to the imbalance of trade between the two nations. Key quotes Concession and withdrawal will only make the bully aggressive.  Dialogue can resolve differences.  Market reaction At the time of writing, the AUD/USD pair is trading 0.02% lower on the day to trade at 0.6430.  US-China Trade War FAQs Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of…

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Filed under: News - @ April 29, 2025 12:27 am