Chinese national president Xi Jinping took on the ongoing tariff battle as he traveled to Southeast Asia this week to build a partnership with Chinese communist Vietnam.
“Trade and tariff wars will not produce winners, and protectionism will lead to anywhere,” XI I wrote it in a signed letter It was published by Chinese and Vietnamese state media when he arrived in Hanoi on Monday for a diplomatic visit.
“Both of our countries need to decisively protect our multilateral trading system, stable global industry and supply chains, and our open, collaborative international environment.”
Xi did not directly refer to the United States or Trump in a letter highlighting the importance of promoting “a equal, ordered multipolar world and universally beneficial and comprehensive economic globalization.”
Trump suspended tariffs last week in an ongoing trade policy overhaul as he attempted to do business with other countries, but he strengthened tensions with China, the world’s second-largest economy.
Based on the latest revision of Trump’s trade policy, tariffs on imports from China are currently at 145%. This is a huge rise from the 34% that Trump wasted in his first tariff plan, announced on April 3.
China responded with its own 125% tariff and XI on American goods Suddenly stopped Exports of rare earth minerals and magnets important for the semiconductor and automotive industry.
On Friday, the Trump administration announced smartphones, and about 20 other electronic devices will be exempt from tariffs. But Trump and other officials over the weekend suggested that it was temporary and that new tariffs are likely on the way.
US Treasury Secretary Scott Bescent told White House reporters Friday that China is the “biggest source” of America’s “trade issue,” and that the Trump administration is taking part in talks with Chinese neighbours who are trying to level the field of trade with other countries.
“I’m not calling it a trade war, but I say that China is escalating and President Trump has responded very bravely to it. We’re going to work on a solution with our trading partners,” Bescent said. “It’s China’s decision that we’re in a loss with them. They’ve sold what we sell them more than five times.”
According to Chinese state media, XI will be in Vietnam for at least two days.
“China is doing everything it can to build a great modern socialist nation and achieve the rejuvenation of the Chinese nation by pursuing modernization,” Xi wrote in his open letter marking travel.
