Hours after US President Donald Trump imposed a whopping 104 per cent tariffs on China, Beijing sought to collaborate with India to mitigate the effects of US levies that have disrupted global markets.
China—Washington’s top economic rival but also a major trading partner—will be hardest hit. Since Trump returned to the White House, tariffs have been imposed on its products.
Chinese Embassy spokesperson Yu Jing said, “China-India economic and trade relationship is based on complimentarity and mutual benefit. Facing the U.S. abuse of tariffs, which deprives countries, especially Global South countries, of their right to development, the two largest developing countries should stand together to overcome the difficulties.”
She added, “Trade and tariff wars have no winners. All countries should uphold the principles of extensive consultation, practice true multilateralism, jointly oppose all forms of unilateralism and protectionism.”
China’s economy is underpinned by a system that ensures steady growth, and produces positive spillovers. Chinese manufacturing is built on a complete and continually upgrading industrial system, sustained investment in R&D, and a strong focus on innovation.
China is a firm… pic.twitter.com/w3QuSCingL
Content retrieved from: https://www.firstpost.com/world/trade-tariff-wars-have-no-winners-china-seeks-to-ally-with-india-against-trumps-levy-blitz-13878390.html.
