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Recently, the United States has, under various pretexts, announced the wanton imposition of tariffs on all its trading partners, including China.
This has seriously violated the legitimate rights and interests of various countries, seriously breached the rules of the World Trade Organisation (WTO), severely damaged the rules-based multilateral trading system, and significantly disrupted the stability of the global economic order. The Chinese government strongly condemns and firmly opposes this.
The relevant practices of the United States run counter to the basic economic laws and market principles. It disregards the balanced results of interests reached in multilateral trade negotiations and turns a blind eye to the fact that the United States has long reaped substantial benefits from international trade. Using tariffs as a weapon to exert maximum pressure and seek self-interest is a typical act of unilateralism, protectionism, and economic bullying. Under the guise of pursuing so-called reciprocity and fairness, the United States engages in zero-sum games. In essence, it is pursuing America First and American Exceptionalism .
It aims to subvert the existing international economic and trade order through tariff measures, place American interests above the common interests of the international community, and sacrifice the legitimate rights and interests of countries around the world to serve its hegemonic interests. This is bound to be widely opposed by the international community.
China is an ancient civilisation and a land of ceremony and propriety. Its people advocate treating others with sincerity and taking good faith as the foundation. We do not seek trouble, but we are not afraid of it either. Pressuring and threatening are not the right ways to deal with China.
China has taken and will continue to take resolute measures to safeguard its sovereignty, security, and development interests. The essence of China-US economic and trade relations should be mutual benefit and win-win results. The United States should meet the common expectations of the people of both countries and the world.
Proceeding from safeguarding the fundamental interests of the two countries, it should stop using tariffs as a weapon to suppress China’s economic and trade development and stop infringing upon the legitimate development rights of the Chinese people.
As the world’s second-largest economy and the second-largest consumer market for goods, regardless of how the international situation may change, China will only open its door wider to the outside world. We will continue to promote high-level opening-up, steadily expand institutional opening-up in terms of rules, regulations, management, standards, etc, implement high-level trade and investment liberalisation and facilitation policies, create a world-class business environment that is market-oriented, law-based, and internationalised, share development opportunities with the world, and achieve mutual benefit and win-win results.
Economic globalisation is an inevitable path for the development of human society. The multilateral trading system with the WTO at its core and based on rules has made important contributions to promoting global trade development, economic growth, and sustainable development.
Opening up and cooperation are historical trends, and the world will never and should never return to a state of mutual closure and fragmentation. Mutual benefit and win-win results are what people desire, and economic bullying that harms others to benefit oneself will eventually backfire. It is the common responsibility of the international community to promote economic globalisation in a more open, inclusive, beneficial, and balanced direction.
Development is the universal right of all countries in the world, not the privilege of a few. International affairs should be discussed and decided by all countries together, and the future and destiny of the world should be in the hands of all countries. There are no winners in trade wars or tariff wars, and protectionism leads nowhere.
All countries should uphold the principles of extensive consultation, joint contribution, and shared benefits, adhere to true multilateralism, jointly oppose all forms of unilateralism and protectionism, safeguard the international system with the United Nations at its core, and maintain the multilateral trading system with the WTO at its core.
It is believed that the vast majority of countries in the world that believe in fairness and justice will choose to stand on the right side of history and make choices that are in line with their interests. The world needs justice, not hegemony! – Wires
Fast facts
The US imposed additional 34 percent tariffs on Chinese goods. In response, China announced reciprocal 34 percent tariffs on US imports, indicating a willingness to engage in trade disputes. These tariffs were implemented to address trade imbalances and other economic concerns. The actions highlight the escalating trade tensions between the two countries.
The tariffs have impacted a wide range of goods across various categories. Here are some specific areas affected:
Consumer Electronics: Items like smartphones, laptops, and other electronic devices often saw increased tariffs. However, some electronic components were later exempted.
Textiles and Apparel: Clothing, footwear, and textiles faced significant tariffs, affecting fashion industries and retailers.
Machinery and Equipment: The tariffs affected industrial machinery, equipment, and tools used in manufacturing.
Furniture: They were applied to various types of furniture, impacting home goods retailers.
Automotive Parts: Certain motor vehicle components and parts were subject to tariffs, influencing the automotive supply chain.
Agricultural Products: While the US tariffs primarily focused on manufactured goods, agricultural exports like soyabeans and pork faced retaliation from China.
Toys: Many toys and games imported from China saw increased tariffs, affecting retailers and consumers.
Online Reporter