Chinese President: No winner in trade war with US
Chinese President Xi Jinping warned Tuesday that a trade war with the United States would lead to no winners, state media reported ahead of next month’s inauguration of Donald Trump as US president.
Trump launched a trade war with China during his first term, criticizing in particular what he called intellectual property theft and other unfair practices.
He has pledged to impose higher tariffs on China after he takes office next month as US president, as China’s economic recovery struggles after the Covid-19 pandemic.
“Tariff wars, trade wars and technology wars run counter to historical trends and economic rules and will not produce any winners,” Xi said during a meeting with financial institutions in Beijing, according to state broadcaster CCTV, referring to US-China relations.
He pointed out that China is willing to maintain dialogue with the US government, expand cooperation, manage differences, and promote the development of China-US relations in a stable, healthy and sustainable direction”.
Beijing is aiming for annual growth of around 5% this year, despite slowing domestic consumption, high unemployment and a property crisis.
Xi also said during Tuesday’s meeting that China has full confidence that it will meet its 2024 growth target, state media reported.
