Espreso. Global

Xi Jinping warns Trump U.S. would "lose from confrontation" with China

8 November, 2024 Friday
17:15

Chinese President Xi Jinping congratulated President-elect Trump but warned that U.S.-China relations benefit from cooperation, as rising tensions, new tariffs, and economic competition could harm both countries' interests

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Fox News reported the information.

Chinese President Xi Jinping called to congratulate President-elect Trump on his victory, stressing that the U.S. and China “gain from cooperation and lose from confrontation.”

The message reflects China’s preparation for rising tensions, as Trump has pledged to resume a trade war by reimposing tariffs. According to China's foreign ministry, Xi highlighted that "a stable, healthy, and sustainable China-U.S. relationship serves the interests of both countries."

Xi urged that both nations should pursue "mutual respect, peaceful coexistence, and win-win cooperation," manage differences, and find a productive path for their relations.

With Republicans now in control of Congress, Trump faces fewer obstacles to enforcing new tariffs. U.S.-China relations have deteriorated over trade and regional security, with China threatening U.S. allies and accused of espionage. Under Trump’s first term, tariffs increased by 10% on over $300 billion in Chinese goods, a policy Biden largely maintained, while both administrations tightened export controls.

This year, Trump proposed a 10% tariff on all imports, with 60% on Chinese products, which could cut China’s exports by $200 billion and reduce its GDP, according to economist Zhu Baoliang.

Last year, China exported $500 billion worth of goods to the U.S., or 15% of its exports. Following Trump’s likely victory, Chinese markets saw a decline, as Chinese exporters rushed goods to the U.S. before potential tariffs took effect.

Beijing is set to introduce economic stimulus to combat weak consumer spending and deflation. Meanwhile, U.S. and European tariffs on electric vehicles add pressure to China’s trade outlook. China is expected to counter U.S. tariffs with measures like tariffs on U.S. agricultural products, export restrictions on essential minerals, and targeting American companies operating in China.

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