By Global Consultants Review Team
Yu Jing, spokesperson for the Chinese Embassy in India, said on Wednesday that trade relations between India and China are based on mutual benefits and complementarity, despite the ongoing trade war with the United States.
"The China-India economic and trade relationship is built on complementarity and mutual benefit," Yu Jing wrote in a social media post on X.
The embassy spokesperson also stated that the current US tariffs on the Asian country deprive "Global South" countries of their right to development during the US-China tariff war.
"Facing the US abuse of tariffs, which deprives countries, especially Global South countries, of their right to development, the two largest developing countries should stand together to overcome the difficulties," according to her.
Who will win the tariff war?
A tariff war between two or more nations over international trade has no winners because everyone on both sides of the court has something to lose.
In highlighting this aspect of a trade war, the spokesperson also stated that world nations should uphold the principles of extensive consultations and true multilateralism in an escalating trade war.
"Trade and tariff wars result in no winners. All countries should uphold the principles of extensive consultation, practice true multilateralism, and oppose all forms of unilateralism and protectionism," Yu Jing wrote in the post.
China 'focuses on innovation'
China's economy is built on manufacturing, industrial systems, investments in research and development (R&D), and a strong emphasis on innovation, all of which help the government ensure the country's steady growth.
"China's economy is supported by a system that guarantees consistent growth and generates positive spillovers. "Chinese manufacturing is built on a complete and constantly upgrading industrial system, sustained investment in R&D, and a strong emphasis on innovation," she stated.
Yu Jing also stated that China contributes nearly 30% of global growth each year, and the country continues to prioritize its efforts to protect the multilateral trade system with the international trade body, the World Trade Organization (WTO).
"China is a staunch supporter of economic globalization and multilateralism, which have given the global economy a significant boost, accounting for roughly 30% of global growth on average each year. We will continue to work with the rest of the world to protect the multilateral trade system, which is centrally organized by the World Trade Organization (WTO)," she stated.
US Tariffs on China
The White House officially announced on Tuesday, April 8, that it had imposed 104% tariffs on China after the Asian country responded to Trump's'reciprocal tariff' move with 34% additional tariffs on Friday, April 4.
"China's retaliation was a mistake." When America is punched, he strikes back harder. That's why China will face 104% tariffs starting tonight... On April 8, White House press secretary Karoline Leavitt stated, "If China reaches out to make a deal, he will be incredibly gracious."
On Sunday, April 6, Donald Trump threatened China with a 50% tariff increase if they did not comply with the directive to reduce the additional tariffs on Western nations. Following China's failure to comply with the directive, the US imposed tariffs.
China's 34% additional tariff move triggered a US stock market crash last week, as investors worldwide began to fear an impending global recession. On April 8, markets took another hit following the announcement of a 104% tariff.
We use cookies to ensure you get the best experience on our website. Read more...
