In response to China’s ongoing de facto trade embargo, Xi Jinping, has warned that tariffs threaten the interests of all nations.
Xi said trade wars “undermine the legitimate rights and interests of all countries, hurt the multilateral trading system, and impact the world economic order,” according to the president of Azerbaijan Ilham Aliyev during a meeting on Wednesday.
According to Xinhua, “China is willing to work with Azerbaijan to safeguard the international system with the United Nations at its core and the international order founded on international law, firmly defend respective legitimate rights and interests, and promote international fairness and justice,” Xinhua said.
The two largest economies have effectively stopped trade since the introduction of punishing tariffs on each other’s exports, according to Xi’s remarks.
The administration of US President Donald Trump has imposed a 145 percent tariff on the majority of Chinese goods, while China has imposed a 125 percent duty on US exports in response.
The International Monetary Fund revised its 2025 growth forecast from 3.3% to 2.8% on Tuesday, raising concerns about a global economic slowdown as a result of the trade war.
Following Trump’s and other top administration officials’ comments, which boosted hopes for a trade deal between Washington and Beijing, global stocks rose on Wednesday.
US Treasury Secretary Scott Bessent stated in a speech to investors on Tuesday that a trade war with China was “unsustainable” and that he anticipated a trade agreement with China.
Trump acknowledged that the tariff on Chinese goods was “very high” and predicted that the rate would “come down significantly” over time in response to Bessent’s remarks.
Trump claimed that the number will not be anywhere near it.
The Trump administration should stop making threats if it wanted to reach a deal, according to China’s Ministry of Foreign Affairs on Wednesday.
Source: Aljazeera
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