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Xi says China is ‘not afraid’ as Beijing hits US with 125% tariff
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China is digging in. Americans are waking up to a whole new escalation in the global trade war. Beijing is hiking its retaliatory tariffs on U.S. goods today from 84% to 125%. And for the first time since this all started actually hearing from the Chinese president XI Jinping himself, he's saying that his nation is quote unquote, not afraid. And also warning, well, there are no winners in a trade war, and going against the world will only lead to self-isolation. This after President Trump raised tariffs on Chinese goods even higher, 145%. Now, as we're all trying to keep track, the white House says they're waiting for China to pick up the phone. China says essentially the same thing about the United States. This very clearly showing what a tit for tat looks like sending markets tumbling Thursday. But President Trump, still optimistic when meeting with his cabinet. We think we're in very good shape. We think we're doing very well. Again, there'll be a transition cost and a transition in problems. But in the end it's going to be it's going to be a beautiful thing. Stock futures are right now up across the board. Let's see if they stay a beautiful thing today. But what is concerning investors a lot right at the moment. The U.S. dollar falling to its weakest level against the euro in three years. CNN's Linda Green at the white House. For us once again, CNN's Mark Stewart. We're not letting him go. He's in Beijing for his mark. Tell us more about China's counterpunch and what it's going to mean. 1.3. Okay. Good morning. Look, none of this is a surprise. These latest tariffs are very much in the Chinese playbook. But what's very attention getting to me is the fact that China is now saying it's not going to raise tariffs any higher, saying it has other weapons almost making fun of the United States for raising the stakes, raising the number so high. Let me share with you some remarks. We got late today from a government official here in Beijing who said that the United States is engaging in nothing more than a numbers game with no real economic significance, going on to say the United States is exposing itself as a participant in weaponizing tariffs as a tool of bullying and coercion, turning itself into a joke. So that is the latest, where China stands in this back and forth, tit for tat. The other big headline of the day is that we are hearing from Chinese President XI Jinping, really the first time since this whole trade war escalated to such a high level. The big headline is that he is saying China is not afraid. These are remarks that were made with the Spanish prime minister here in Beijing. And according to state media, he said that China is going to continue to remain confident, it's going to remain focused, saying there are no real winners in the trade war. Kate, the language that we're hearing from XI Jinping is very consistent with what we've heard from other government officials over the last few days. And as you mentioned, as far as the possibility of a phone call between XI Jinping and President Trump, not in the near future. That's the messaging that we're feeling from Beijing, at least. And that is quite a statement that you got from that government official just to be there. I mean, the gloves are off now in terms of how the two sides are going to be talking about it. we will need to stand by and see how Donald Trump response to that, but also stand by with me. Mark, I want to get to the white House and get related to here. Are you getting any reaction yet this morning to this escalation from China? So, so far, the white House has not responded to the latest remarks, from China or from President XI. But what I will say is that the white House has been very dug in on its position as itrillionelates to China. They are acting very defiant. in this kind of trade, tit for tat that we are seeing. But I think what's been very clear so far, Kate, is that this position is not going to be tenable for much longer at some point to the both the two sides are going to need to really open lines of communication. Now we actually have a story out this morning kind of breaking all of this down. But at the crux of it, Kate, is this two white House officials tell me that the president, and the U.S. will not reach out to China. First. The president has made it clear to his team and to his advisors that he wants China to come to them. And really, he wants to have a high level meeting directly between him and President XI himself. Now, this has been what the white House has been communicating to Beijing for several months now. But on the other side, we also know that Beijing does not really want to have that high level meeting. What they've been trying to do is open communications at a lower level. And so really there's been this stalemate and no talks at all going on right now between the Trump administration and that of President XI. Now, one hurdle of what we're hearing behind the scenes here at the white House is that the president believes that President XI does not want to be seen as weak. and that's really as well kind of what's coming into this refusal and waiting to see who blinks first here. Now, we've also heard, President Donald Trump say that he is confident that he can reach a deal at some point. He said that he believes China will come around. He said China wants to make a deal. They just don't know how to go about it. They're proud people. We've heard similar rhetoric from some of his top economic advisers, saying that the ball is now in China's court. It's clear that's not how China sees this. But I think the key question now moving forward is that really how this all is decided is going to be on how much pain are they willing to take? How much more pain are they willing to see in this escalation of these tariffs without any real communications to ensure there's an off ramp? Yeah. Exactly. How much pain is the Trump administration willing to endure and also the American people, how much pain is China willing to endure as well? Stick with me, Mark. In this moment. This has been going this tit for tat has been going on. Now, you know, for more for quite some time. Why do you think and what are you hearing about? Why is he Jinping is speaking out in this moment. I think really two reasons, Kate. Number one, simply being it's time the Chinese economy, in addition to what's happening now, is already dealing. For XI Jinping to continue to build national unity, to build national pride as it deals with yet another economic headwind. And then the other reason if we look at the calendar, XI Jinping is about to embark on a trip to Cambodia, to Vietnam and Malaysia. These are key trading partners. These are relationships that he has been strengthening over the years. So as he builds bridges to these other nations, it's a way to also project some stability and to let the world know where China stands and that it is a strong, formidable player. That's Vietnam, one of the nations also that the Trump administration is trying to prioritize in renegotiating a trade deal. Now, all of it related. Likely. None of it is coincidence in this moment. Mark, thank you so much. Elena at the white House for us, as always. Thank you guys very, very much while I have you. And this is, actually some information that we just received right now from the State Council Tariff Commission, saying in a statement a short while ago that China will be raising retaliatory tariffs on US imports to 125%. This is information that's just coming in to CNN right now, again, citing the state Council Tariff Commission. I'm curious what your immediate reaction is with your expertise, this, counterstrike, shall we call it from China directed at, at the US business market? It's not so surprising, you know, in the sense that they'll do Delta dissent. The key, of course, is that the US is the big importer. the Chinese don't import anything like as much from the United States as the United States imports from China. So, other countries come back with the tariff response, but the whole starting point from this in the United States was we're running a massive trade deficit. and we don't run big surpluses with anybody. So, we can raise tariffs on you. And if you retaliate, it has less impact on us. net. So I'm not massively surprised. It just keeps the whole thing the that the chance of quick resolution and of us getting back to a world of free trade, seem to be fading. And there will be a negative growth effect around the world, but we're not. It's going to be hard to avoid. Yeah. Fascinating. And finally, kid, I'm curious, what are some of those factors in speaking of foreign investment? What are some of those factors that can tend to scare foreign investors away from U.S. assets? Is it this this, talk of tariffs? no, I think it's it's it's if the tariffs reduce the profitability of U.S. companies, do I need to own so many of my US equities? They've done fantastically. am I worried that if the Chinese decide they no longer want to hold U.S. treasuries to the size that they used to, that I'm going to cause, a loss of the US Treasury markets really important status as the safest asset in the world. and the rising US yields, some of it reflects weaker demand. So people are going to pay much more attention to Treasury, auctions going forwards from here. but but you know, another part of it, quite simply, is we, you know, foreigners have accumulated $65 trillion worth of U.S assets. That's a lot of your money to have parked in one place. And if you're worried that the US is withdrawing into itself a little bit more now, you know, maybe you want to lighten up and put some of it somewhere else if you can. We gotta leave it there. Dukes, thank you so much for your expertise. We're really glad that we have that insight. Appreciate you.
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