Trade wars 'produce no winners,' says China's foreign ministry amid US tensions

WASHINGTON: China's foreign ministry said on Wednesday (October 15) that "trade wars and tariff wars produce no winners," responding to U.S. President Donald Trump remarks on terminating some trade ties with China, singling out cooking oil.

AI Brief

China calls for fair dialogue after US tariffs and tax changes caused a 65% drop in used cooking oil imports.
Trump sees trade shifts as leverage, hinting at halting more Chinese imports and raising soybean talks with Xi Jinping.
Trade tensions grow amid economic goals, with the US aiming to cut deficits and curb fentanyl trade through tariffs.

"Both sides should resolve relevant issues through consultation on the basis of equality, mutual respect and reciprocity," foreign ministry spokesperson Lin Jian said in a regular news briefing.

The U.S. was China's top market for used cooking oil (UCO), importing a record 1.27 million metric tons worth US$1.1 billion in 2024. But after China cut tax rebates late last year and the U.S. imposed tariffs on Chinese goods this year, imports plunged 65% in January-August to 290,690 tons, or US$286.7 million.

Trump has called the shift a negotiation tactic. He said this month he hoped to discuss soybeans with Chinese counterpart Xi Jinping while also saying the U.S. may halt a large share of imports from China.

The U.S. president has targeted China with a cascade of tariff orders on billions of dollars worth of imported goods that he said is aimed at narrowing a trade deficit, bringing back lost manufacturing and crippling the trade in fentanyl.