China has retaliated against sweeping new U.S. tariffs and reopened talks with the European Union (EU) in a bid to ease global trade tensions.
U.S. President Donald Trump signed an executive order last Wednesday imposing a 10-percent "minimum baseline tariff" on all imports before unveiling higher rates on certain trading partners.
After several days of chaos on the global financial markets, Trump on Wednesday suddenly announced a 90-day pause of the higher tariff rates to all countries except China, to whom he declared he was raising the tariff rate to a staggering 125 percent.
The Chinese government on Wednesday announced that it will raise additional tariffs on products imported from the United States to 84 percent, add six U.S. firms to its unreliable entity list, and place 12 U.S. entities on its export control list.
The White House clarified on Thursday that the total effective tariff rate on Chinese imports had climbed to 145 percent, up from the 125 percent figure.
In a press briefing Thursday, China's Commerce Ministry spokeswoman He Yongqian reiterated the government's position, saying that while China remains open to talks, any talks must be based on mutual respect and conducted on an equal footing
She also outlined measures to help domestic businesses weather the storm, including improved market access, expanded distribution channels, and stronger fiscal support.
Meanwhile, China is looking to Europe for common ground. In a recent call with the EU trade chief, China's commerce minister called for closer cooperation to support global trade stability, an encouraging sign, according to Ji Wenhua, an international trade expert at the University of International Business and Economics in Beijing.
"Amid such drastic changes, preserving the existing international trade system cannot rely on China alone. China has already taken firm measures not only to counter the U.S., [but also to uphold the current global trade framework]," Ji said.
China strikes back at US tariffs, reaches out to EU
John Lee, chief executive of China's Hong Kong Special Administrative Region (HKSAR), on Tuesday welcomed the white paper "Hong Kong: Safeguarding China's National Security Under the Framework of One Country, Two Systems" released by the State Council Information Office.
Lee said in a statement that he will fully support and implement the content and requirements of the white paper.
The white paper detailed how the fight for safeguarding national security in Hong Kong is an unrelenting one. Lee said that since Hong Kong's return to the motherland, the manipulation of anti-China agitators in Hong Kong and hostile external forces had long stalled legislation under Article 23 of the Basic Law of the HKSAR, creating destabilizing opportunities.
Today, while Hong Kong is making every effort to boost the economy, pursue development, undertake construction and improve people's livelihood, it must be remembered that national security risks still exist among us and can arise all of a sudden, he added.
The white paper stated that the central government has the fundamental responsibility for national security matters concerning Hong Kong. Lee expressed support and gratefulness for the central government's decisive act at a critical moment in Hong Kong, formulating the national security law in Hong Kong at the state level for the HKSAR's promulgation and implementation locally.
The national security law in Hong Kong ended the state of defenselessness regarding national security that had persisted for over two decades since Hong Kong's return, and ended the "black-clad violence" prevailing in Hong Kong at the time, Lee said, adding that the HKSAR government has been combating acts and activities endangering national security with full force and in accordance with the law, and as a result, order returned to the community.
The white paper illustrated the HKSAR's achievements in fulfilling its constitutional responsibility for safeguarding national security. Lee said that the national security law in Hong Kong and the Safeguarding National Security Ordinance function as an integral whole to build a solid shield for safeguarding national security in Hong Kong, effectively protecting the rights and freedoms enjoyed by Hong Kong residents in accordance with the law and providing a solid foundation for Hong Kong's security and development.
The white paper stated that Hong Kong is progressing from disorder to stability and prosperity. Lee said that under the auspices of the national security law in Hong Kong and the Safeguarding National Security Ordinance, Hong Kong society is stable and prosperous, the normal lives and development of the people of Hong Kong are firmly guaranteed, and international rating agencies continue to give Hong Kong positive assessments.
The white paper laid down the practical requirements of creating high-standard security for the high-quality development of the "one country, two systems." Lee said that Hong Kong must work under the guidance of a holistic approach to national security, firmly safeguard national sovereignty, security and development interests, safeguarding of national security throughout the entire process of the implementation of the "one country, two systems" principle.
Lee said that security is the prerequisite for development, and development is the guarantee of security. The HKSAR government will steadfastly safeguard national security and promote economic development and is committed to advancing the high-quality development of the cause of "one country, two systems" under the auspices of high-level security, and to achieving high-level security through high-quality development.
HKSAR chief executive welcomes white paper on Hong Kong's efforts in safeguarding national security
