Why will China not call us now

This report from this week’s release from the CNBC’s Connection newsletter, which brings you visions and analyzes about what pays the second largest economy in the world. Every week, we will explore the largest business stories in China, and make a decrease in market movements and help you prepare for the next week. Like what you see? You can subscribe here.

last time Donald Trump And the Chinese president Xi Jinping It was spoken Before the American presidential opening on January 20.

Less than two weeks after becoming president for the second time, Trump added 10 % of the customs tariff for Chinese goods, and he said he would do Talk to the eleventh in the next 24 hours.

“We called the White House.” How did the call went? The White House said, “The Chinese did not call.”

“What was completely clear from the beginning, the administration exaggerates the extent of the lever’s tariff that it gives in China,” the executive director said.

The United States raised a new tariff on Chinese goods last week, as it effectively reached 145 %.

After revenge, with an increase of 125 % in the definitions of American goods, Beijing entered the weekend by calling the definitions.Numbers gameThey are Plans to ignore. This is according to the translation of the CNBC of the Chinese text.

Until now, both sides have not publicly referred to a little intention to take any concrete primary step to solve the impasse and limit The repercussions of the global economy Of the procedures.

Shi, who is now in an unprecedented third state as president in China, has shown that he is committed to challenging any perception that he is abandoning influence of the United States-even if that means the short term of the economy. On the seventieth anniversary of the rule of the Communist Party in China, Shi announced this.There is no power that can prevent the Chinese people And the Chinese nation. “

Trump, on the other hand, retreated from some of the latest tariff plans, with his final goal mentioned is to build the United States

The meeting of economic and cultural differences has led to confrontation, as global sites in China have changed significantly in the past few years.

“I think people in the United States, both investors and policymakers, are still their mentality (in China) are still similar to 10 years,” said Bruce Leo, CEO of Esoterica Capital, said on Monday. He divides his time between New York and China.

The Chinese economic situation in 2018 means that the country must make a deal with Trump after bilateral tensions He escalated during his first termLiu said that Beijing has a lower reason for this time. “They are not in a hurry to have a conversation, or start a conversation with the American side at this moment.”

Beijing’s official position has strengthened this thinking, with official speakers tightening that any talks should be held on the basis of “mutual respect”. Dibsic Break artificial intelligence In late January, Iman also fueled China that the country could bear the restrictions of the United States.

The per capita available in China has increased by 38 % since 2018. When it moved to the country that summer, Starbucks was the best coffee option and most cars were running gasoline. Nearly seven years, craft cafes are the base, and even Xiaomi smartphones have electric cars in the streets.

This does not mean that everything was pink.

Incaling residential buildings stand widespread on the outskirts of large cities. It was difficult for companies trying to move in the restrictions of Covid-19 and subsequent economic slowdown. The feverish growth I witnessed before the epidemic has gone greatly.

Wall Street’s major investment companies’ reaction was to escalate in trade tensions in the United States of China by reducing their expectations for Chinese economic expansion this year, as UBS reduced only 3.4 % expectations this year. At the present time, Beijing has maintained its goal of about 5 % of the growth of this year, and indicated that it may lead to increased motivation to support the economy.

But in the pockets of the economy, stability remains, to try to try despite the circumstances.

China’s global ties have also changed.

The country’s exports to the United States increased by 10 % between 2018 and 2024, but China’s exports to the European Union increased by 26 % during that time, while these increased to Southeast Asia by 84 %, according to official data analysis. Southeast Asia is now the largest commercial partner in China, followed by the European Union and then the United States

Part of this is to redirect trade to the United States, but part of it also reflects a The growth market abroad for Chinese goodsAnd if it is with the risk of harming local companies and jobs.

Instead of speaking to Trump, Xi this week made his first visit abroad to 2025 to Southeast Asia: Vietnam, Malaysia and Cambodia. Chinese government media described flights as “In the invitationFrom the local government, Echoing the luxurious language It was used when Xi Last visited the United States in November 2023 to meet US President Joe Biden.

Also eleventh American, European, and Middle East executives met In Beijing in late March. He invited them to “support” the global system, just as the Secretary -General of the Communist Vietnam Party told Monday that the two countries should protect The stability of the global supply chain And contradict “Bullet from one side“This is according to the translation of the CNBC of Chinese readings, which was not called the United States

This week, Trump called on China’s meeting with Vietnam effort The “nail” is the United States He refused to share an update on any planned conversations with XI.

Vietnam slapped this month One of the highest “mutual” definitions – More than China at the beginning – in response to the Prime Minister in Southeast Asia, Fam Minh Cennah, I offered to buy more US defense products During a 45 -day delay request in definitions, negotiating the two countries.

Trump and then temporarily Reducing definitions on Vietnam And other countries with a 90 -day negotiation period. China was not included.

“If you are nice with me, I will be nice with you. This is Chinese (being) Chinese.”

“But if you want to be bullying, we will not take it. We know that this may cause difficulties in our economy or daily life, but we are ready for that,” he said, talking about the typical Chinese mentality.

China mentioned the GDP in the first quarter by 5.4 %. This number exceeds the expectations of analysts, an increase of 5.1 %. Retail sales and industrial production numbers in March as well It came much higher than expectations. The country’s latest loan data for March is better than expected, mainly due to the growth of corporate loans in the short term, according to Coldman Sachs.

Kaling, a video of artificial intelligence from Kuishou, got an upgrade. The Chinese video company The news was announced In Beijing on Tuesday, it claims that the new version provides better control of the perceptions of people, emotions and scenes to imitate the real world’s scenarios.

The United States exempts Chinese electronics from the highest customs duties. However, this is unclear How long will you go back?. China and Vietnam have signed agreements on the cooperation of railways and protocols to accelerate bilateral trade, according to the country of Southeast Asia. China also Exchanging negotiating the Ministry of Commerce From the past few years with a new face.

Chinese and Hong Kong shares were traded in red on Wednesday until China launched better domestic product data than expected. This comes at a time when an increasing number of investment banks reduce the annual growth expectations in the country.

China’s main mainland CSI 300 He decreased by 0.74 % while Hong Kong Hang Singh Fahras – Which includes many major Chinese companies – more than 2 % decreased from 10:42 am local time.

The return of Chinese government bonds was 10 years in the last 1.639 %.

The Chinese yuan is traded abroad in 7.3276 against Greenback.