There are no winners in a tariff war, the Chinese president has said
The United States risks isolating itself by pursuing unilateral trade restrictions, Chinese President Xi Jinping warned on Friday during a visit of Spanish Prime Minister Pedro Sanchez to Beijing.
The administration of US President Donald Trump has launched an escalating tariff war with China, imposing a total of 145% in duties on Chinese imports this week. Beijing has retaliated by hiking tariffs on American goods to 125%.
“There are no winners in the tariff war and standing against the world ultimately results in self-isolation,” Xi said, as cited by Xinhua news agency.
Xi called on China and the European Union to “jointly resist unilateral bullying” in order to protect their legitimate rights and interests, and uphold international rules and order.
The EU, which has been targeted with a 20% tariff by the US, has warned of significant global economic repercussions and has vowed to take countermeasures. Earlier this week, Trump declared a 90-day pause on reciprocal duties for most US trading partners, including the EU, allowing a window for negotiation.
Brussels has adopted a policy of “de-risking” towards Chinese imports, balancing protective trade measures such as tariffs on electric vehicles with efforts to maintain constructive economic relations.
The Chinese president also stated that regardless of changes in the external environment, the country would remain steadfast, focused, and would efficiently manage its own affairs.
”For over seven decades, China’s growth has been fueled by self-reliance and hard work, never depending on favors from others and never backing down in the face of unreasonable suppression,” Xi explained.
Trump argues that the increased duties are needed to address trade imbalances and stop China from “ripping off the USA.” Earlier this week, he opined that the “proud” Chinese would have to “make a deal at some point.”
China has slammed Trump’s “abnormally high tariffs” on Chinese products as “unilateral bullying and coercion.” The move by the US president represents “a serious violation of international economic and trade rules, as well as of basic economic laws and common sense,” Beijing stressed.
The trade dispute between the world’s two largest economies has disrupted global markets, sent oil prices to four-year lows and caused concerns over global supply chains.
