China's Xi warns US against trade war

Chinese leader Xi Jinping has warned the United States against resuming a trade war, saying there would be no winners even as he pledged to defend the country's economic interests.

Xi made the remarks Tuesday 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 safeguarding national security, even 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 the public television channel CCTV.

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

US National Security Advisor Jake Sullivan used the expression “small yard and high fence” to describe a strategy allowing most trade with China to progress normally while imposing restrictions on certain products, in particular high-tech products such as semiconductors, known 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 types of advanced semiconductor and memory chip manufacturing equipment , as well as imposing controls on more than 100 Chinese companies.

Trump said last month that China would face higher tariffs on its products, by 10% above all existing tariffs, until it prevents the flow of illegal drugs into the United States.

In an interview broadcast Sunday on NBC, the new president said he and Xi had been communicating a few days before. Asked about the discussion during a regular press briefing on Monday, a Chinese Foreign Ministry spokesperson would neither directly confirm nor deny it.

Weaker exports

China relies on its exports, especially to its major trading partners like the United States, as a key driver of its growth, as domestic demand collapses due to a number of economic problems. On Tuesday, official data showed that exports fell sharply and imports fell unexpectedly last month.

Exports increased by only 6.7% in November. It was significantly 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. Meanwhile, the threat of tariffs could even boost exports as US companies increase their orders in anticipation.

The need to prepare for external shocks was discussed on Monday reading a meeting by the Communist Party's powerful Politburo, which made headlines by announcing that it would adopt a moderately accommodative monetary policy next year. Economists said the wording meant monetary policy, which involves influencing interest rates, was being eased for the first time since 2010.

China is likely to continue to improve trade relations through reduced export taxes and clearer rules, particularly on government procurement, Citi economists wrote on Monday.

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