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Xi Jinping warns the United States, on the brink of a new trade war: there will be no winner

Xi Jinping warns the United States, on the brink of a new trade war: there will be no winner

 


Xi Jinping vowed to defend China's economic interests and warned the United States that resuming a trade war there would be no winners, during a meeting with the heads of several global financial institutions, reports CNN.

Xi made the sweeping remarks during a meeting with the heads of several global financial institutions, including the World Bank and the International Monetary Fund, a day after Chinese regulators announced an antitrust investigation against U.S. chipmaker Nvidia.

The investigation is widely seen as a major escalation in a growing battle for dominance in AI, which Washington and Beijing view as crucial to defending national security, shortly before Donald Trump returns to the White House.

Tariff wars, trade wars and technology wars go against historical trend and economic laws and there will be no winner, Xi said, according to state broadcaster CCTV.

Building small fences with high walls and unhitching and breaking the chains will harm others and not benefit oneself. China has always believed that the world can only be good when it is good. Only when the world is good can China be better, he added.

U.S. National Security Advisor Jake Sullivan initially used the phrase “low court and high fence” to describe a strategy to allow most trade with China to proceed normally while imposing restrictions on certain products, particularly high technology such as semiconductors, considered to have military applications.

Last week, the Biden administration announced a third round of export restrictions in as many years, restricting Beijing's access to two dozen advanced semiconductor and memory chip manufacturing equipment and imposing controls on more than 100 Chinese companies.

Trump said last month that China would face higher tariffs on its products, 10% above all existing tariffs, until it halts the flow of illegal drugs into the country. UNITED STATES.

In an interview broadcast Sunday on NBC, the president-elect said he and Xi communicated a few days ago. Asked about the discussion at a briefing Monday, a Chinese Foreign Ministry spokesperson neither directly confirmed nor denied it.

China has problems with its exports

China relies on exports, particularly to its major trading partners such as the United States, as a key driver of its growth, as domestic demand falls due to a series of economic problems. Key official data showed exports fell sharply and imports fell unexpectedly last month.

Exports increased by only 6.7% in November. It was considerably lower than the 8.5% forecast by a group of economists polled by Reuters, and well below the 12.7% rise recorded in October.

We doubt this marks the end of China's recent export boom, Zichun Huang of Capital Economics wrote in a research note. Although U.S. tariffs could reduce export volumes by about 3%, they may not be felt until the middle of next year. At the same time, the threat of tariffs could even boost exports as U.S. companies increase their backlog of orders.

The need to prepare for external contingencies was discussed Monday at a meeting of the Communist Party's powerful Politburo, which announced it would adopt a moderately accommodative monetary policy next year. Economists believe this wording means that monetary policy, which involves influencing interest rates, is being eased for the first time since 2010.

China will likely continue to improve trade relations through smaller reductions in export taxes and clearer rules, including on government procurement, Citi economists wrote Monday.

Publisher: MI

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