Chinese President Xi Jinping warned that “bullying” and “hegemonism” would lead to self-isolation, alluding to the United States just one day after the two countries reached a temporary agreement to ease their trade war.
Speaking at a summit in Beijing with Latin American and Caribbean leaders, including the presidents of Brazil, Colombia, and Chile, Xi emphasized the importance of unity and cooperation among nations. He reiterated that there are no winners in trade wars and that such actions only lead to isolation.
Xi’s speech, aimed at positioning China as a defender of free trade, comes after the announcement of a 90-day tariff reduction between the US and China, providing temporary relief to global markets. Chinese media hailed this as a significant victory for China, highlighting the rollback of tariffs as evidence of Beijing’s effective countermeasures. The agreement reduces US tariffs on Chinese goods from 145% to 30% and cuts Chinese tariffs on US imports from 125% to 10%. Additionally, China will suspend some non-tariff countermeasures, and the US will lower its tariff on small packages from China. Despite these developments, China continues to portray itself as a proponent of global trade, reinforcing its strategic ties with Latin America and the Caribbean, a region increasingly caught in the US-China power struggle.
Xi emphasized China’s commitment to supporting these regions, including a pledge to offer 66 billion yuan in credit to CELAC countries, aiming to strengthen ties and boost the use of the yuan in global trade.
