China’s Xi issues warning to US against trade war

(MENAFN) Chinese President Xi Jinping has cautioned that a trade war with the United States would yield no winners, highlighting the negative consequences for both sides. Speaking at the ‘1+10’ Dialogue forum in Beijing, which included leaders from major international economic organizations such as the BRICS+ New Development Bank, IMF, World Bank, and WTO, Xi emphasized that Beijing is open to dialogue, cooperation, and managing differences with Washington. He warned that tariff wars, trade wars, and technological conflicts contradict economic laws and historical trends, resulting in mutual harm.

Xi also stressed that any attempts by the US to hinder China’s economic growth would be seen as a “red line,” reiterating that both countries should avoid trying to reshape each other’s political and economic systems. This statement reflects China's ongoing resistance to American efforts to suppress its development.

US President-elect Donald Trump has vowed to continue aggressive protectionist policies, particularly targeting China. The US has already imposed tariffs on Chinese goods under both the Trump and Biden administrations, accusing Beijing of unfair trade practices. In December, the US restricted the export of chip-making equipment and software to China, leading to Chinese countermeasures, including bans on key semiconductor production materials. The Biden administration also announced plans to increase tariffs on solar panel components from January 1 to counter China’s trade policies.

MENAFN15122024000045015687ID1108994595