China's President Xi Jinping on Tuesday, in a veiled attack on the United States, slammed bullying and tyranny and said there are no winners in tariff and trade wars. This statement came a day after the US and China announced an agreement to reduce tit-for-tat tariffs for 90 days.
While addressing the opening ceremony of the China-CELAC Forum, Xi Jinping said, "Bullying and tyranny will only isolate oneself." He also said that there are no winners in tariff and trade wars, Reuters reported.
"Only when various countries work together can they maintain world peace, stability, and promote global development," Xi Jinping said.
After a month of heated-up tariff war between both the countries, Washington and Beijing agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.
In a significant trade policy shift, Trump administration's recent tariffs on Chinese imports surged to 145 percent this year, whilst other nations faced only 10 percent duties in the previous month's worldwide tariff implementation.
In response, China imposed retaliatory duties of 125 percent on American products.
Subsequently, both nations reached an agreement where the United States would decrease its Chinese import tariffs to 30 percent, whilst China agreed to reduce its duties to 10 percent.
According to the White House executive order, these tariff modifications become effective at 12:01 am on Wednesday.
Additionally, the United States reduced duties on low-cost Chinese imports, benefiting online retailers like Shein and Temu.
After announcing the new trade deal, Trump said that he will speak to Chinese counterpart Xi. "Yesterday we achieved a total reset with China after productive talks in Geneva," Trump said. "I'll speak to President Xi, maybe at the end of the week."
While addressing the opening ceremony of the China-CELAC Forum, Xi Jinping said, "Bullying and tyranny will only isolate oneself." He also said that there are no winners in tariff and trade wars, Reuters reported.
"Only when various countries work together can they maintain world peace, stability, and promote global development," Xi Jinping said.
After a month of heated-up tariff war between both the countries, Washington and Beijing agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.
In a significant trade policy shift, Trump administration's recent tariffs on Chinese imports surged to 145 percent this year, whilst other nations faced only 10 percent duties in the previous month's worldwide tariff implementation.
In response, China imposed retaliatory duties of 125 percent on American products.
Subsequently, both nations reached an agreement where the United States would decrease its Chinese import tariffs to 30 percent, whilst China agreed to reduce its duties to 10 percent.
According to the White House executive order, these tariff modifications become effective at 12:01 am on Wednesday.
Additionally, the United States reduced duties on low-cost Chinese imports, benefiting online retailers like Shein and Temu.
After announcing the new trade deal, Trump said that he will speak to Chinese counterpart Xi. "Yesterday we achieved a total reset with China after productive talks in Geneva," Trump said. "I'll speak to President Xi, maybe at the end of the week."
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