U.S. media: Trump keeps bragging but has never received any phone call from China, and his administration has seriously overestimated the restraining power of tariffs on China.

[Text/Observer Network Xiong Chaoyi] Less than two weeks after returning to the White House, US President Trump began manipulating the fentanyl issue and announced a 10% tariff on goods imported from China. Since then, he has continued to threaten with the "tariff stick" while repeatedly claiming unilaterally that "a call with China will happen soon."

On April 16 local time, CNBC cited an account from a US executive last week. "We called the White House asking about the progress of the call," the executive said anonymously, and the White House replied, "China hasn't called us yet." The executive further stated: "From the very beginning, it was obvious that this administration greatly overestimated the constraining power of tariffs against China."

CNBC pointed out that after the US insisted on provoking the tariff trade war despite global opposition, China's attitude also remained firm without any signs of compromise. Up to now, the deadlock between China and the US continues to have a significant impact on the global economy. The report believes that the intersection of economic and cultural differences has led to this game of competition between China and the US, and upon careful observation, one can see that in recent years, China's role in the global landscape has undergone profound changes, whether in daily life or high-end technology fields.

A CEO of an asset management company who frequently travels between China and the US noted that many Americans, including investors or policymakers, still perceive China as it was ten years ago, with no understanding of China's current strategic resolve under the current circumstances. He told CNBC that the Chinese nature is "if you give me a peach, I will repay you with a jade," but if anyone tries to bully them, the Chinese will not accept it.

Trump waiting for a phone call in the Oval Office at the White House. CNN file photo.

As the US continues to impose tariffs indiscriminately and the rate of tariffs on Chinese goods increases, China has responded firmly. On April 11, China retaliated again by announcing an increase in tariffs on US goods to 125%. At the same time, China emphasized that the US' repeated imposition of excessively high tariffs on China has become a mere numerical game, losing practical significance economically. It only exposes the US' tactic of weaponizing tariffs and engaging in bullying coercion, turning into a joke. If the US continues with its numerical game of tariffs, China will ignore it.

Qin Dong Liu, CEO of asset management company Esoterica Capital, who frequently travels between China and the US, said: "I believe that Americans, whether investors or policymakers, still perceive China at roughly the same level as they did ten years ago." He believes that China is not eager to engage in dialogue or initiate talks with the US at present.

The CNBC journalist who wrote this report noted that since 2018, disposable income per capita in China has increased by 38%, and recalled that during his visit to China that summer, if he wanted coffee, Starbucks was almost the best choice, and the streets were mainly filled with fuel-powered cars. Seven years later, today, handcrafted coffee shops are common on Chinese streets, and even smartphone manufacturers have begun making electric vehicles. In January this year, DeepSeek's breakthrough in the field of artificial intelligence (AI) also strengthened people's confidence, undeterred by US pressure and restrictions.

CNBC journalists admitted that although major Wall Street investment companies have responded to the escalation of Sino-US trade tensions, in some areas of the Chinese economy she observed, people still maintain resilience in the face of challenges.

The report mentioned that during Trump's disruption of the global situation with the "tariff stick," China's global economic and trade landscape had quietly changed.

According to CNBC's analysis of official data, from 2018 to 2024, China's exports to the US increased by 10%, but during the same period, China's exports to the EU grew by 26%, and exports to ASEAN surged by 84%. Today, ASEAN has become China's largest trading partner, followed by the EU, with the US dropping to third place. "This change partly stems from transshipment operations in US trade, but more importantly reflects the continuous expansion of Chinese products in overseas markets."

On April 15 local time, the Financial Times analyzed that in this tit-for-tat confrontation, China holds several trump cards—increasingly diversified export markets, massive US Treasury bonds, control over key strategic minerals, and advantages in national systems during crisis response—not only allowing China to withstand tests but also highlighting its strength in negotiations.

Bloomberg reported on April 14 that while trade wars have no winners, a fact is becoming increasingly clear in the trade war initiated by Trump—the cards China holds may be stronger than anticipated, especially when people begin to pay attention to its countermeasures. In reality, the US is deeply dependent on Chinese goods in Sino-US economic relations, and restricting imports has become self-harmful.

"If you treat me well, I will treat you better. This is the nature of the Chinese," Qin Dong Liu told CNBC, which could perhaps be expressed in Chinese poetry as—"if you give me a peach, I will repay you with a jade."

"But if you try to bully me, we will never accept it. We know this might bring challenges to our economy or daily lives, but we are prepared," he further stated when discussing the typical mindset of the Chinese.

Previously, although the EU also threatened that if negotiations failed, it might target American service exports and online advertising sales, Bloomberg believed that China remains "unique" in this confrontation. Up to now, China's responses have not only been countermeasures at the tariff level but also firm and principled positions in matters related to negotiations, without being led by the US.

87% of the supply chain for over 1000 US weapons systems using gallium, germanium, and antimony depends on Chinese suppliers. Map by US Govini.

The Financial Times quoted Julian Evans-Pritchard, chief China economist at Capital Economics, who added: "Judging from market reactions alone, I believe the US is feeling the pain more acutely... The US is under greater pressure to sit down for negotiations."

On April 16, Foreign Ministry Spokesperson Lin Jian presided over the regular press conference. A reporter from NHK asked about the US tariff issue, quoting President Trump's statement from the White House Press Secretary: "The ball is in China's court" and "China needs to reach an agreement with the US, but the US does not need to reach an agreement with China." What is China's response?

"This tariff war was initiated by the US side, and China's necessary countermeasures are to protect its legitimate rights and interests and uphold international fairness and justice, fully reasonable and legal," Lin Jian stated.

Lin Jian emphasized that China's position has always been clear: there are no winners in a tariff war or trade war. China does not want to fight, but it is not afraid to fight. If the US genuinely wants to solve problems through dialogue and negotiation, it should stop its extreme pressure tactics, stop threats and blackmail, and engage in dialogue with China on the basis of equality, respect, and mutual benefit.

This article is an exclusive contribution from Observer Network and cannot be reprinted without permission.

Original source: https://www.toutiao.com/article/7493885315564716598/

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