Beijing: Chinese President Xi Jinping warned on Tuesday that there would be “no winners” in a trade war with the United States, stressing that tariff disputes and trade conflicts contradict historical and economic principles. Xi made these remarks while meeting with heads of multilateral financial institutions in Beijing, according to state broadcaster CCTV. He reaffirmed China’s commitment to maintaining dialogue with the U.S., expanding cooperation, and managing differences to ensure stable, healthy, and sustainable bilateral relations.
The trade tensions have been exacerbated by U.S. President-elect Donald Trump’s threats to impose even higher tariffs on Chinese goods upon his return to office. Trump’s first term saw the launch of a harsh trade war, focused on accusations of intellectual property theft and other unfair practices. Despite these ongoing challenges, Xi emphasized that China is determined to meet its growth target of around five percent for 2024, even as the country faces sluggish domestic consumption, high unemployment, and ongoing issues in the property sector.
China’s trade performance showed mixed results, with exports rising slower than expected, while imports continued to decline, highlighting the challenges the country faces. According to the General Administration of Customs, China’s exports grew by 6.7 percent year-on-year to $312.3 billion in November, but this was below economists’ expectations of an 8.7 percent increase. This growth, however, is still seen as one of the positive aspects of China’s economic recovery, with analysts attributing part of the export surge to foreign buyers seeking to avoid potential tariffs from the U.S.
Despite the trade war’s impact, China has expressed confidence in achieving its growth targets, bolstered by support for consumption and monetary policy adjustments. However, analysts are keenly awaiting specific policy measures to boost domestic spending and address challenges within the economy.
