China blames US for trade tensions, warns against decoupling
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China’s Commerce Minister Wang Wentao said trade tensions escalated due to intensive restrictive measures from the US.
PHOTO: REUTERS
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BEIJING – China’s Commerce Minister Wang Wentao on Oct 16 blamed the recent escalation in trade tensions with the US on American actions following the latest bilateral round of talks in Madrid in September.
“The recent fluctuations in China-US economic and trade relations are mainly due to the US’s intensive introduction of a series of restrictive measures against China after the Madrid” talks, Mr Wang told Apple chief executive Tim Cook during a meeting in Beijing, according to a readout posted on the Commerce Ministry’s website.
Late in September, the Commerce Department published a rule that widened the application of sanctions to companies affiliated with blacklisted Chinese firms.
That came after the Madrid round of negotiations tighten control of rare earth elements
US measures “seriously harmed China’s interests and undermined the atmosphere of the bilateral economic and trade talks”, Mr Wang said on Oct 16.
The US has called for joint action with allies and partners to respond to China’s new rules on rare earths.
A number of foreign CEOs are in Beijing as part of an annual advisory board meeting for Tsinghua University’s School of Economics and Management. The group met with Mr He Lifeng on Oct 16 in Beijing.
Foreign Minister Wang Yi appeared to strike a more diplomatic tone during a meeting with the US private equity group Blackstone’s CEO Stephen Schwarzman, saying that “decoupling” is not a realistic and rational option, with confrontation only harming both nations.
“The two sides should engage in effective communication, properly resolve differences and promote stable, healthy and sustainable development of China-US relations,” Mr Wang Yi said, according to a readout on the Foreign Ministry’s website. BLOOMBERG
