A foreign ministry spokesman warned Beijing
would “safeguard its legitimate rights” if Trump’s
latest increase goes ahead.
“Threats and intimidation won’t work on us,” said
Geng Shuang.
The two sides are deadlocked over how to
enforce any deal. China insists Trump’s punitive
tariffs must be lifted as soon as a deal takes
effect. Washington says at least some must
stay to make sure Beijing keeps any promises
it makes.
Chinese exporters have been battered by
a plunge in sales to the United States, their
biggest market. But Communist leaders
are resisting pressure to roll back plans for
government-led creation of global competitors
in robotics and other technologies.
Europe and Japan echo U.S. complaints that
Beijing’s industrial plans violate its market-
opening commitments and are based on
stealing or pressuring companies to hand over
technology. Some American officials worry they
might erode U.S. industrial leadership.
The weakness of the yuan, also known as the
renminbi, or “people’s money,” is among U.S.
grievances against Beijing. American officials
complain a weak yuan gives Chinese exporters
an unfair advantage and helps swell the U.S.
trade deficit with China.
China’s central bank sets the exchange rate
each morning and allows the yuan to fluctuate
by 2% against the dollar during the day. The
central bank can buy or sell currency — or
order commercial banks to do so — to dampen
price movements.
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