Chinese President Xi Jinping expressed concerns that President Trump’s trade policies could have negative repercussions.
In a speech on Tuesday, which was reported by state media, Xi stated, “There are no winners in tariff wars or trade wars. Bullying and hegemony only lead to self-assessment.”
He emphasized that unity and cooperation among nations are “essential to protect global peace and stability.”
Treasury Secretary Scott Bescent remarked that the high tariffs imposed by both Xi and Trump are akin to an embargo, noting that “neither side wants it. We want trade.”
Bessent, collaborating with US Trade Representative Jamieson Greer, finalized an agreement with their Chinese counterparts on Monday, reducing tariffs by 115 percentage points on both sides.
Specifically, tariffs on Chinese imports will decrease from 145% to 30%, while the tax on American imports imposed by Beijing is expected to lower from 125% to 10%.
During a speech in Beijing with Latin American and Caribbean leaders, Xi presented a five-point plan aimed at enhancing partnerships with those nations.
Xi noted that last year, trade between China and Latin America and the Caribbean surpassed $500 billion for the first time, an increase of over 40 times since the start of the century.
China has also established free trade agreements with Chile, Peru, Costa Rica, Ecuador, and Nicaragua.
“We will maintain solidarity and coordination and continue to rise to a global agenda with determination. China and Latin American countries will defend true multilateralism, uphold international equity and justice, advance global governance reform, and promote multipolarity and democracy in international relations,” he said.
