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Express Tribune
13-05-2025
- Business
- Express Tribune
There are no winners in trade war, says Chinese president
Chinese President Xi Jinping opened the Fourth Ministerial Meeting of the China-CELAC Forum in Beijing on May 12, 2025. PHOTO: XINHUA Chinese President Xi Jinping opened the Fourth Ministerial Meeting of the China-CELAC Forum on Monday with a strong call for deeper China–Latin America and Caribbean (LAC) cooperation, while warning that 'there are no winners in tariff wars or trade wars.' Speaking to a gathering of high-level delegates in Beijing, Xi positioned China and LAC nations as strategic partners in promoting global peace, development, and fairness, especially amid rising protectionism and geopolitical tensions, according to Xinhua news agency. President Xi used the occasion to unveil a comprehensive five-point plan for expanding collaboration with the LAC region, ranging from political solidarity and economic development to cultural exchanges and security cooperation. The plan is aimed at building what the Chinese leader described as a "community with a shared future" between China and LAC countries, founded on mutual respect, openness, and common aspirations. 'Bullying or hegemonism only leads to self-isolation,' President Xi said, taking a clear stance against unilateralism and external interference in global affairs. Stressing the importance of unity and multilateral cooperation, he stressed that both China and the LAC region are vital members of the Global South, bound by shared values and historical struggles for independence and development. Marking the 10th anniversary of the China-CELAC Forum, President Xi reflected on its evolution from 'a tender sapling into a towering tree.' He welcomed delegates warmly, celebrating a decade of what he called unprecedented progress in bilateral ties, trade, and cultural exchange. The Chinese president recalled centuries of historical interactions between China and Latin America, dating back to the 16th-century 'Nao de China' ships that crossed the Pacific with goods and goodwill. Since the 1960s, and increasingly in recent decades, the two regions have forged closer diplomatic and economic ties. President Xi reaffirmed China's unwavering support for the sovereignty and development rights of LAC countries. He highlighted China's consistent support for Latin American causes, such as backing Panama's claim over its canal and advocating for maritime rights. He also noted China's longstanding opposition to the US embargo on Cuba, having voted 32 times since 1992 in favour of ending it at the United Nations. The Chinese president thanked LAC countries for upholding the one-China principle and pledged continued support for their independent paths to development. Economic cooperation is at the core of the China-LAC relationship, Xi said, noting that trade between the two sides exceeded $500 billion in 2024 — a 40-fold increase since the early 2000s. Under the Belt and Road Initiative, over 200 infrastructure projects have been carried out, creating more than one million jobs in LAC countries. Technological collaboration has also expanded, with joint satellite programs and landmark infrastructure such as Peru's Chancay Port improving connectivity across continents. China has signed free trade agreements with Chile, Peru, Costa Rica, Ecuador, and Nicaragua. President Xi praised the cooperation between China and LAC countries during natural disasters and the Covid-19 pandemic. Since 1993, China has sent 38 medical teams to the Caribbean and, during the pandemic, provided over 300 million vaccine doses and 40 million units of medical supplies to LAC nations. 'We unite in tough times to conquer challenges through mutual support,' the Chinese leader said, highlighting solidarity as a core principle of the partnership. To chart the path forward, President Xi announced five major programs to guide China-LAC relations: Solidarity program: Aimed at strengthening political trust, this program includes annual exchanges for 300 political party members from CELAC states, greater coordination on global issues, and joint advocacy for multilateralism and international law. Development program: Focused on aligning development strategies, expanding Belt and Road projects, and increasing Chinese investment and imports from LAC. President Xi also announced a ¥66 billion credit line to support LAC development and proposed collaboration in clean energy, digital economy, and AI. Civilisation program: Promoting cross-cultural understanding, this initiative includes joint archaeological work, cultural festivals, museum partnerships, and the launch of a Latin American and Caribbean Arts Season in China. A new inter-civilisational dialogue conference is also planned. Peace program: Under the Global Security Initiative, China will work with LAC nations on cybersecurity, counterterrorism, disaster response, and anti-corruption efforts. President Xi voiced support for LAC's nuclear-weapon-free status and promised training and equipment tailored to CELAC countries' needs. People-to-people connectivity program: China will offer 3,500 government scholarships and 10,000 training opportunities over three years, support vocational education through programs like the Luban Workshop, and launch tourism and media exchange initiatives. Visa-free travel will also be expanded to more LAC countries, beginning with five. President Xi concluded his speech with a broader vision of a fairer, multipolar world, in which Global South nations play a more active role in global governance. He called for reforming international institutions, defending true multilateralism, and resisting division and domination by any single power. Quoting an 11th-century Chinese poem and a Latin American proverb, President Xi celebrated the enduring value of friendship. 'No matter how the world changes, China will always stand by LAC countries as a good friend and a good partner,' he added. The Fourth Ministerial Meeting of the China-CELAC Forum marks a milestone in deepening ties between China and Latin America. With President Xi's new five-point plan, the partnership appears poised to expand its influence on the global stage, grounded in mutual trust and a shared commitment to peace, development, and justice.
Newsweek
13-05-2025
- Business
- Newsweek
China's State Media Claims Victory After US Trade Talks
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Chinese state media has hailed their government's "resolute posture" as the reason behind the deal to walk back China's trade war with the United States. The framing is part of a familiar narrative since President Donald Trump hiked tariffs in a bid to shrink the U.S.'s $300 billion trade deficit with China, which has framed itself as a responsible player pushing back against Washington's "bullying." Why It Matters The agreement, hammered out in Geneva, Switzerland, over the weekend, was negotiated by delegations led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. The U.S. is effectively lowering overall tariffs to 30 percent for 90 days—including a 10-percent baseline rate plus an earlier 20 percent rate imposed over China's role as a major source of fentanyl precursors. China has likewise committed to 10-percent tariff on U.S. goods for a 90-day window and to suspending or ending other countermeasures. The temporary truce pulls the world's two largest economies back from the brink after trade between them nearly ground to a halt, raising recession risks in the U.S. and deepening deflationary pressures in China. Newsweek reached out to China's Foreign Ministry by email with a request for comment. File photo: Xi Jinping delivers his opening speech during the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States in Beijing, Tuesday, May 13, 2025. File photo: Xi Jinping delivers his opening speech during the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States in Beijing, Tuesday, May 13, 2025. Andy Wong/Associated Press What To Know The terms of the deal reflect the effectiveness of China's response to Trump's tariff escalations. They mark the end of what Beijing has called U.S. "discriminatory measures" against Chinese trade, according to Yuyuan Tantian, a social-media account affiliated with China's state broadcaster CCTV, in an article published Monday on the Chinese platform Weibo. "This shows that China's firm countermeasures and resolute posture had a strong impact, and that these actions indeed caused significant pressure on the U.S. side—leading the American government to lower tariffs back down to the base level," Song Guoyou, executive director of the Asia-Pacific Cooperation and Governance Research Center at Shanghai's Fudan University, was quoted as saying. The interim deal marks a major de-escalation in a trade conflict that disrupted global supply chains and rattled markets. The tariff on Chinese imports is also well below the 80 percent rate Trump said on Friday "seems right." Under the terms of the agreement, a 24-percent "ad valorem" duty on a range of Chinese goods will be suspended for 90 days, with so-called "reciprocal tariffs" imposed via executive order to be canceled. That brings overall U.S. tariffs on China—its third-largest trading partner—down by at least 115 percent. China's retaliatory tariffs had reached 125 percent, in addition to curbs on exports of rare earth elements. China holds a near-monopoly on the refining of these critical minerals, which are essential to a range of defense and civilian technologies that Washington considers vital to national security. What People Are Saying Wayne Winegarden, senior fellow of business and economics at the California-based Pacific Research Institute think tank, told Newsweek: "The disruption to the U.S. economy has harmed businesses and families, and it is unclear what was achieved. The trade war has not been resolved, and the U.S. economy will be hit hard if the 30 percent tariffs stay in place—specifically, a reduction in consumer affordability and a negative impact on jobs and economic activity. Hu Xijin, former editor of Chinese state tabloid Global Times, wrote on Weibo: "This is a huge victory for China's firm adherence to the principles of equality and mutual respect [ …] "China reaching an equal-footing agreement with the U.S. is not only a win for China, but also a victory for international trade norms and the proper global order. This agreement sets an example and benchmark that could inspire other countries to assert themselves more confidently in defending their interests." Xi Jinping, Chinese president, told Latin American and Caribbean officials Tuesday during a Beijing summit: "Tariff wars and trade wars produce no winners. Bullying and coercion only lead to isolation." What Happens Next It remains to be seen how negotiations will unfold during the 90-day cooling-off period and whether the Trump administration can significantly narrow the nearly $300 billion trade deficit with China—a long-standing concern for the president.
