China has urged other nations to resist U.S. tariff threats, as Foreign Minister Wang Yi spoke at a BRICS meeting in Brazil.
Statement from China's Foreign Minister
At the BRICS gathering in Rio de Janeiro, Wang Yi labeled the U.S. as a 'bully' and warned that using tariffs as bargaining chips allows Washington to demand 'exorbitant prices' from all countries. He emphasized that silence and appeasement would only deepen the pressure from the U.S.
Asian Markets Respond
In response to China's actions, the offshore yuan gained 0.2%, reaching its highest level in over three weeks. Hong Kong stocks rose by 1.1%, while mainland stocks slightly declined throughout the day. Trading volumes remained below average.
Trade Negotiation Situation
China denies that any trade negotiations are underway, stating that discussions can only begin after all U.S. tariffs are lifted and mutual respect is established. Analysts predict that tariffs could cost China up to 15.8 million jobs. Meanwhile, Chinese ministries promised support for exporters and indicated liquidity increases.
The statements from China's Foreign Minister highlight the country's determination in trade issues, emphasizing the importance of international collaboration amid rising trade tensions.
