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Xi Jinping Warns of No Winners in Trade War with US, Vows to Meet Growth Targets
Chinese President Xi Jinping warns that trade wars will have no winners, emphasizing China’s commitment to its growth targets for 2024 despite economic challenges.
ND
by News Desk
2024-12-10
Xi Jinping Warns of No Winners in Trade War with US, Vows to Meet Growth Targets

Chinese President Xi Jinping issued a stark warning on Tuesday, declaring that there would be “no winners” in a trade war with the United States. His remarks came amidst heightened tensions over trade between the two largest economies in the world. Xi emphasized that tariff wars and technology disputes went against economic rules and historical trends, underscoring China’s commitment to maintaining a stable and healthy relationship with the US.

The trade war began under former US President Donald Trump’s administration, with aggressive measures such as tariffs on Chinese goods due to alleged intellectual property theft and unfair practices. As President-elect Donald Trump prepares for his return to the White House, there are fears that these tensions could escalate. Trump has pledged to impose even higher tariffs on China once he takes office, compounding the challenges China is already facing in its post-pandemic recovery.

Xi reiterated China’s willingness to engage in dialogue with the US to expand cooperation, manage differences, and promote stable and sustainable development in their relations. Despite facing domestic economic challenges such as sluggish consumption, high unemployment, and a crisis in the property sector, Xi expressed full confidence that China would meet its growth target of around 5% for 2024.

Official data revealed that China’s exports rose 6.7% in November, reaching $312.3 billion, though this was slower than anticipated. Exports had been one of the few bright spots in China’s economy, but analysts warned that momentum could slow down in the coming months as foreign buyers rush to complete shipments before any potential new tariffs. At the same time, China’s imports continued to decline, dropping by 3.9% in November. This points to continued weak domestic demand despite efforts to stimulate the economy.

Chinese leaders are closely monitoring these economic indicators as they prepare for a series of high-level meetings to discuss the nation’s economic policies for 2025. Analysts are particularly awaiting new fiscal and consumption-support policies to address the challenges in the domestic market.
Tagged:

China

USChinaRelations

XiJinping

TradeWar
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