By Kolawole Ojebisi
Chinese leader, Xi Jinping, has made his first public remarks on the escalating trade war between his country and the United States of America, reaffirming China’s commitment in the last 70 years to build a self-reliant country that stands tall in the global stage.
The Chinese leader spoke while speaking with Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV
The trade war initiated by President Donald Trump has shaken international markets and stoked fears of a global recession.
“There are no winners in a trade war, and going against the world will only lead to self-isolation,” Xi said.
“For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression.
“Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well.” Xi added.
Xi’s remarks come shortly after The White House announced that the combined duties imposed by the Donald Trump administration on Chinese goods now total 145 per cent, effective immediately.
Meanwhile, shortly after Xi’s remarks, China, on Friday, increased its tariffs on US imports to 125 per cent.
This is in a retaliatory move against US President Donald Trump’s decision to hike duties on Chinese goods to 145 per cent.
Recall that the White House has kept the pressure on the world’s No. 2 economy and second-biggest provider of US imports by singling it out for an additional tariff increase, having paused most of the “reciprocal” duties imposed on dozens of other countries.
Also recall that the Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, warned on Thursday that the ongoing trade war between the two economic giants may shrink the global gross domestic product (GDP) to 7%.
Currently, the development has raised the stakes in a trade war that threatens to upend global supply chains.
