Xi Jinping warns that tariffs threaten the legitimate rights of all nations.
Chinese President Xi Jinping has underscored the significant implications of tariffs on global trade during a meeting with Azerbaijani President Ilham Aliyev. His remarks emerge against the backdrop of heightened optimism regarding a potential trade agreement between the United States and China, despite the ongoing challenges that have characterized their economic relationship.
Xi expressed that trade disruptions, particularly those arising from tariff implementation, hold adverse consequences for the legitimate rights and interests of various nations and fundamentally threaten the stability of the multilateral trading system. According to the state-run Xinhua news agency, Xi emphasized that China is prepared to collaborate with Azerbaijan to uphold an international system anchored in the principles established by the United Nations. This commitment also extends to maintaining a global order founded on international law, ensuring the protection of legitimate rights and fostering a climate of fairness and justice.
The current trade malaise between the United States and China has reached a critical juncture, with both countries engaging in an extensive exchange of tariffs that has hindered trade flows significantly. The Trump administration has implemented a hefty 145 percent tariff on a broad array of Chinese goods, while China has reciprocated with a 125 percent duty on U.S. exports. These extensive measures have caused trepidation regarding a potential global economic slowdown, prompting the International Monetary Fund (IMF) to revise its growth forecast for 2025 from 3.3 percent to 2.8 percent.
Despite these challenges, the international financial markets demonstrated resilience, with global stocks experiencing a surge following encouraging comments from U.S. President Donald Trump and key administration officials. Treasury Secretary Scott Bessent characterized the current state of trade relations as “unsustainable,” indicating a belief in the likelihood of a future agreement between the two nations. Trump’s acknowledgment of the current tariff rates being “very high” further stirred optimism, as he suggested that these tariffs would eventually “come down substantially.”
As the world watches closely, the endeavor to navigate and resolve the trade tensions marks a crucial chapter in the economic dynamics between the United States and China, reflecting broader implications for global markets.
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