CHINA – Chinese leader Xi Jinping has said his nation is “not afraid,” in his first public comments on the escalating trade war with the United States, as Beijing raised tariffs on US goods to 125 per cent.
The tariff hike is the latest in a tit-for-tat battle between the world’s two largest economies, after Trump raised tariffs on China to 145 per cent. However, China has indicated it does not intend to go higher than 125 per cent, saying it would be meaningless to engage in further escalation.
“The successive imposition of excessively high tariffs on China by the US has become nothing more than a numbers game, with no real economic significance,” a spokesperson for China’s Commerce Ministry said in a statement Friday.
“It merely further exposes the US practice of weaponising tariffs as a tool of bullying and coercion, turning itself into a joke,” the spokesperson added.
The trade war between the world’s two economic superpowers has tanked international markets and fueled fears of a global recession. As other countries scrambled to negotiate with Trump, China has stood firm against what it calls “unilateral bullying” by the US.
Speaking to Spanish Prime Minister Pedro Sanchez in Beijing on Friday before the announcement of the new levies, Xi said: “There are no winners in a trade war, and going against the world will only lead to self-isolation.”
“For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression,” Xi was quoted as saying by state broadcaster CCTV.
The Chinese leader had remained publicly silent on the tariff war until now, but struck a defiant note in his first remarks – doubling down on messages of strength and resilience already broadcast by Chinese officials and state media.
“Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well,” Xi said according to CCTV. (CNN)
