Beijing vows to retaliate against those helping Washington cut the country out of supply chains. Yet wielding a stick at its Asian partners has backfired in the past, and the carrots it can offer may be limited by concerns about tech transfer and financing overseas investments.
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“China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions,” the official People’s Daily said in a commentary published on July 8. “If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests.”
Vietnamese Prime Minister Pham Minh Chinh and China’s Premier Li Qiang have agreed to boost trade and investment ties between the two countries during a meeting on the sidelines of the BRICS summit in Brazil, Vietnam’s government said on July 8. The move came days after U.S. President Donald Trump announced a 20% tariff on all Vietnamese exports to the United States and a 40% levy on transshipments through Vietnam from third countries.
