Summary
- Reported that although the U.S. showed willingness to ease U.S.-China trade tensions, China is maintaining a hardline response.
- China is pressuring the U.S. by diversifying soybean imports to try to gain an advantageous position in trade negotiations.
- The Chinese Ministry of Commerce warned of economic uncertainty in economic and trade negotiations, saying, "Cooperation benefits everyone, and fighting hurts everyone."
Ministry of Commerce "If you fight, everyone gets hurt" warning
Continues pressure by mentioning soybean imports
China's sanctions on Hanwha Ocean's U.S. subsidiary came a day after U.S. President Donald Trump said, "I'm not trying to hurt China, I'm trying to help it." It came right after U.S. Treasury Secretary Scott Bessent said that President Trump would meet with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit held in Gyeongju, South Korea. The United States has repeatedly sent conciliatory messages to China, but China continues to put pressure on the U.S.
In a Fox Business interview on the 13th (local time), Secretary Bessent said of U.S.-China relations, "We have eased tensions to a considerable extent," and added, "President Trump will meet Chairman Xi in Korea." He also emphasized, "President Trump said the (100% additional) tariffs imposed on Chinese goods will not take effect before November 1." Earlier, President Trump had threatened to cancel the meeting with Chairman Xi after China's tightening of rare earths export controls, but he affirmed that the meeting would proceed as scheduled.
President Trump also showed a step back the day before, saying, "He (Chairman Xi) does not want his country to fall into a recession, and neither do I," adding, "Things will go well with China."
China remains in a hardline mode. The Chinese Ministry of Commerce said on its website that "(the U.S. and China) continue to maintain communication within the framework of economic and trade negotiation mechanisms, and worked-level talks were held yesterday," but warned, "Cooperation benefits everyone and fighting hurts everyone."
Soybeans, which have emerged as a U.S. trade negotiation card, were also put front and center. The state-run Global Times cited that China's soybean imports in September this year reached a record high, calling it "a symbol that trade relations between China and Latin American countries are strengthening amid tariff pressure" and "proof of the possibility of trade diversification." It pressured the U.S. by noting that it is increasing soybean imports from regions other than the U.S.
Beijing=Correspondent Kim Eun-jung kej@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
