Chinese President Xi Jinping stated that there is no winner in a tariff war and warned that going against the world would result in self-isolation. His comments came during a meeting with Spanish Prime Minister Pedro Sanchez in Beijing on Friday.
China Hikes Tariffs to 125% on U.S. Goods
In response to rising tensions, China has escalated its tariff retaliation against U.S. goods. Starting on April 12, China will impose additional tariffs, raising the total effective rate on U.S. imports to 125%. This decision follows U.S. President Donald Trump’s announcement of a 145% duty on Chinese goods, which further intensifies the ongoing trade dispute.
Xi Jinping’s Stance on Economic Development and Global Trade
Xi emphasized that, over the past 70 years, China has achieved significant development through self-reliance and hard work, never depending on others’ goodwill, nor fearing unjust suppression. He reiterated that regardless of external changes, China will remain confident and continue to focus on its internal affairs.
Strengthening EU-China Relations
Both China and the European Union (EU) are major global economies, Xi noted. He highlighted the importance of the economic symbiosis between China and the EU, with their combined output exceeding one-third of global economic output. Xi stressed the importance of both parties working together to safeguard economic globalization, free trade, and resist unilateral actions that undermine the international trading environment.
Spain’s Support for EU-China Cooperation
Prime Minister Sanchez echoed Xi’s sentiment, stating that there is no winner in a trade war. He reiterated Spain’s commitment to open and free trade, multilateralism, and opposition to unilateral tariff hikes. Sanchez also stressed Spain’s intention to strengthen communication and cooperation with China to address challenges such as climate change, poverty, and maintain the international trade order.
Conclusion
In their discussions, both leaders emphasized the need for continued collaboration and a unified approach to global trade issues, aiming to safeguard the legitimate rights of China, the EU, and the broader international community.
