China rebukes protectionism after Trump's new tariff barrage, warns it will harm everyone
latest tariff blitz on dozens of economies, China has reiterated a stern warning against protectionism amid growing concern that it will 'harm the interests of all parties'.
'China's position against the arbitrary imposition of tariffs has been consistent and clear: there are no winners in tariff or trade wars,' Guo Jiakun, spokesman for the Ministry of Foreign Affairs, said at a press conference on Friday.
Beijing's latest admonishment came after Trump, by executive order, imposed widespread tariffs targeting 69 trading partners, ranging from 10 to 41 per cent – including a 35 per cent duty on many goods from Canada and 39 per cent on Switzerland. Most of the tariffs are due to take effect over the next seven days.
Meanwhile, most Asian economies will face a levy of 15 to 20 per cent, compared with the 20-40 per cent tariff range threatened in July. But exceptions include India at 25 per cent, and Laos and Myanmar at 40 per cent each. Taiwan will face a 20 per cent tariff.
One analyst said the latest tariff rates came as a relief to smaller economies such as Cambodia and Bangladesh, which had faced threats of 36 and 35 per cent tariffs from Trump in July. Now, their adjusted tariffs are 19 per cent and 20 per cent, respectively.
'The new rates preclude the worst but are cold comfort,' said Alex Holmes, regional director of Asia at the Economist Intelligence Unit. 'They represent a big rise in trade barriers and leave plenty of questions unanswered.
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