China’s leader has spoken out sharply against the United States’ new tariff policy, warning that there are no winners in trade wars and that going against the world means isolating oneself.
Xi Jinping called on Europe to unite under these conditions to protect its interests in order to “fulfill its international obligations, jointly uphold the trend of economic globalization and protect the international trading environment,” RIA Novosti reports.
At the same time, the South China Morning Post writes that the Chinese leader will visit Vietnam, Cambodia and Malaysia on state visits. This tour of Southeast Asia has a direct connection to the new American tariffs: the trade war is spurring China to strengthen intra-regional ties.
The statement by the Chinese leader followed Washington’s announcement of the introduction of gigantic customs duties on imports from more than fifty countries, including China and Europe. In particular, tariffs on Chinese goods imported to the United States have reached 145%.
However, US President Donald Trump has decided to suspend some of the new trade tariffs for 90 days, fearing a new financial crisis that he does not want to be associated with.