Chinese President Xi Jinping stressed on Friday that no one wins in a trade war, warning that cutting oneself off from the international community only increases self-inflicted harm. He made these observations while receiving Spanish Prime Minister Pedro Sanchez.
In a turn of events which may further strain global economic relations, China is imposing fresh tariffs on US products from April 12, putting the aggregate tariff rate at 125 percent. This follows United States President Donald Trump's initiation of duties up to 145 percent on imports from China.
Based on Xinhua news agency, Xi reminisced on China's history of development in the last seven decades, adding that the nation has marched ahead through "self-reliance and arduous struggle," never relying on the goodwill of others, and definitely not taking steps back despite "unreasonable suppression."
He restated China's resolve to remain clear-eyed and self-assured while handling its domestic affairs, independent of changes in the outside world.
Emphasizing the leadership positions of China and the European Union (EU) in the world economy, Xi pointed out that both are strong supporters of free trade and globalization. Both are highly interdependent economically, he added, with their total GDP accounting for more than one-third of the world's total.
Xi called for China-EU cooperation to protect global trade norms and push back against unilateral behavior, stressing that this cooperation not only serves their common interests but also promotes fairness and justice in the world.
"China and the EU should take on their global responsibilities and resist bullying in a unilateral manner," Xi said.
Spanish Prime Minister Pedro Sanchez, concurring, described China as an essential partner of the EU and reiterated Spain's backing for consistent development in EU-China relations.
He emphasized the EU's approach to promoting multilateralism and open markets while against unilateral hikes in tariffs. "There is no winner in a trade war," Sanchez added.
In the midst of a volatile international environment, Sanchez emphasized that Spain and the EU are keen to enhance communication with China to safeguard the international trade system, tackle common challenges like climate change and poverty, and advance the common interests of the international community.
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