Xi Jinping’s Stance: Protectionism Fails in US-China Trade War

Xi Jinping’s Stance: Protectionism Fails in US-China Trade War

Chinese President Xi Jinping has cautioned that a trade war would result in “no winners,” as U.S. President Donald Trump’s escalating tariffs continue to rattle the global economy.

Kicking off a diplomatic tour in Southeast Asia, Xi arrived in Vietnam on Monday, signaling China’s ongoing commitment to global commerce and regional partnerships.

Although the U.S. has temporarily paused some tariffs, it has maintained a steep 145% tariff rate on Chinese goods, singling out the world’s second-largest economy. In retaliation, China announced a tariff hike to 125%, effective Saturday.

In a Monday op-ed published in Vietnam’s state-run Nhan Dan newspaper, Xi reaffirmed China’s belief that trade wars are futile and that isolationist trade policies offer no long-term benefits.

Also read: Xi Jinping’s Vietnam Visit Highlights Risks of Protectionism

Responding to Washington’s tariff actions, a spokesperson from China’s Finance Ministry labeled them “a historical embarrassment for global economics,” adding, “Should the U.S. continue infringing on China’s economic interests, we will counter strongly and without hesitation.”

Xi’s tour, which includes visits to Malaysia and Cambodia, is intended to strengthen regional ties and cushion the economic fallout caused by mounting U.S. trade barriers.

China’s state-run Xinhua agency quoted Xi expressing optimism about “deep and meaningful dialogue” with Vietnamese leaders on matters affecting not just bilateral relations, but the wider global landscape.

He also urged both nations to defend the multilateral trade system, stabilize international industrial and supply chains, and promote open, collaborative global commerce.

Vietnamese President To Lam echoed the sentiment, stating in a government release that Vietnam is “ready to work with China to enhance cooperation that is deep, equitable, and sustainable.”

During Xi’s visit, roughly 40 agreements are expected to be signed, including major plans for collaboration on Vietnam’s railway infrastructure, according to Deputy Prime Minister Bui Thanh Son.

Vietnam, like many Southeast Asian countries, is carefully navigating its relationships with both Washington and Beijing. While the U.S. is Vietnam’s top export destination -accounting for nearly 30% of its GDP – China remains its biggest import partner, supplying crucial materials for its manufacturing industry.

Traditionally, Vietnam has pursued a neutral stance in the growing rivalry between the two superpowers and is currently seeking a reduction of the 46% U.S. tariff on its goods.

Meanwhile, Malaysia and Cambodia – facing U.S. tariffs of 24% and 49% respectively – are in active negotiations with the Trump administration.

China, on the other hand, has vowed to stand firm. On Friday, Xi urged the European Union to unite with Beijing in rejecting what he called Washington’s “economic intimidation,” as markets worldwide continue to feel the shockwaves from the U.S.’s latest trade moves.

The Way Forward – Xi Jinping’s Stance: Protectionism Fails in US-China Trade War

As the world witnesses the ongoing consequences of the US-China trade war, Xi Jinping’s stance against protectionism highlights a critical need for collaboration rather than division. Both nations stand to gain from a cooperative approach to trade, fostering mutual growth while benefiting their respective economies.

In conclusion, as global economic dynamics evolve, Xi’s firm belief in open trade serves as a reminder that protectionism may not be a viable long-term strategy. Moving forward, embracing cooperation and open markets will be essential for addressing shared challenges in a multipolar world.

Stay tuned for more insights on international trade relations and the current economic landscape.

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