China calls for ‘win-win’ solution to trade tensions

A top Chinese official has warned against protectionism, speaking out as the risk of a trade war increases again due to Donald Trump’s return to the White House.

Addressing the World Economic Forum in Davos, Switzerland, China’s Vice Premier Ding Xueniang said Said His country was looking for a “win-win” solution to trade tensions and wanted to expand its imports.

He did not take the name of America.

During his election campaign, Trump threatened to impose border taxes, known as tariffs, of up to 60% on Chinese-made products, but he did not take any immediate action on his first day, instead ordering his administration to study the issue. Tariff action halted.

American goods are imported from China has been flat since 2018A figure that economists have attributed to a series of increasing tariffs imposed by Trump during his first term.

That impasse ended in 2020 when both countries signed an agreement,

At that time, Trump rolled back some of his tariffs in exchange for commitments by China to buy American agricultural and other products.

But US officials say China has not upheld its side of the agreement.

Speaking to Congress last week, Scott Besant, who was confirmed as Treasury secretary on Tuesday, said he expected to push to implement those agreements as well as demand “catch up” purchases. The possibility has also been expressed.

Trump has also criticized the imbalance in US trade with China, which sells far more goods abroad than it imports.

In his speech in Davos, Ding said his country has eased restrictions on foreign investment, wants to boost domestic consumption and is not seeking a “trade surplus.”

“We want to import more competitive, quality products and services to promote balanced trade,” he said.

He acknowledged that economic globalization may bring “some tensions and disagreements over distribution”, but said it is “not a zero-sum game, but a universally beneficial process where everyone can benefit”.

“Protectionism leads nowhere,” he said. “There are no winners in a trade war.”

He said: “I believe we have the necessary knowledge and capacity to find win-win and win-win solutions.

“We must not only make economic globalization bigger, but also distribute it better.”

IMF warned last week That a dangerous wave of Trump tariffs would worsen trade tensions, reduce investment and disrupt supply chains around the world.