A spokesperson for China's Foreign Ministry said on Wednesday that it's time for the US government to reconsider and cancel additional tariffs imposed on Chinese products as soon as possible, after US President Joe Biden reportedly said he was weighing cuts to the duties amid decades-high US inflation.

When asked about Biden's remarks at a regular press briefing in Beijing, Zhao Lijian, the spokesperson, reiterated that the essence of China-US economic and trade cooperation is mutual benefit and that there are no winners in trade wars or tariff wars.

"The unilaterally imposed tariffs by the US not only harmed China but also the US as well as the world," he said.

Zhao cited Chinese Ambassador to the US Qin Gang as saying in an interview with Forbes that the trade war has not reduced the US' trade deficit so far; on the contrary, the trade war has increased US companies' and consumers' costs. The tariffs have cost US corporations more than $1.7 trillion and increased US household spending by $1,300 per year.

Additionally, US exports to China in the three years since the start of the trade war - 2018, 2019 and 2020 - were lower than the level in 2017 before the trade war, according to Zhao. During the period, the US has lost more than 240,000 jobs due to the trade war.

"These figures make it abundantly clear that the trade war will benefit no one. It is time for the U.S. government to reconsider and remove these additional tariffs as soon as possible," Zhao said.

Global Times