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| China calls for 'win-win' solution to trade tensions | China calls for 'win-win' solution to trade tensions |
| (32 minutes later) | |
| A top Chinese official has warned against protectionism, speaking out as Donald Trump's return to the White House renews the threat of a trade war. | A top Chinese official has warned against protectionism, speaking out as Donald Trump's return to the White House renews the threat of a trade war. |
| Addressing the World Economic Forum in Davos, Switzerland, Ding Xuexiang, Vice Premier of China, said, external his country was looking for a "win-win" solution to trade tensions and wanted to expand its imports. | Addressing the World Economic Forum in Davos, Switzerland, Ding Xuexiang, Vice Premier of China, said, external his country was looking for a "win-win" solution to trade tensions and wanted to expand its imports. |
| He did not mention the US by name. | He did not mention the US by name. |
| During his election campaign, Trump threatened to hit Chinese-made products with border taxes known as tariffs of up to 60%, but he held off on any immediate tariff action on his first day, instead ordering his administration to study the issue. | During his election campaign, Trump threatened to hit Chinese-made products with border taxes known as tariffs of up to 60%, but he held off on any immediate tariff action on his first day, instead ordering his administration to study the issue. |
| US goods imports from China have flattened since 2018, external, a statistic that economists have attributed in part to a series of escalating tariffs that Trump imposed during his first term. | US goods imports from China have flattened since 2018, external, a statistic that economists have attributed in part to a series of escalating tariffs that Trump imposed during his first term. |
| That stand-off ended in 2020 when the two countries signed a deal. | That stand-off ended in 2020 when the two countries signed a deal. |
| At the time, Trump walked back some of his tariffs in exchange for commitments by China to purchase American agricultural and other products. | At the time, Trump walked back some of his tariffs in exchange for commitments by China to purchase American agricultural and other products. |
| But US officials say China has not upheld its side of the agreement. | But US officials say China has not upheld its side of the agreement. |
| Speaking to Congress last week, Scott Bessent, whose confirmation as Treasury Secretary cleared a key hurdle on Tuesday, said he expected to push to enforce those agreements and raised the possibility of demanding "catch up" purchases as well. | |
| Trump has also lashed out at the imbalance in US trade with China, which sells overseas far more than it imports. | Trump has also lashed out at the imbalance in US trade with China, which sells overseas far more than it imports. |
| In his speech at Davos, Ding said his country had eased restrictions on foreign investment, wanted to boost domestic consumption and was not seeking a "trade surplus". | In his speech at Davos, Ding said his country had eased restrictions on foreign investment, wanted to boost domestic consumption and was not seeking a "trade surplus". |
| "We want to import more competitive, quality products and services to promote balanced trade," he said. | "We want to import more competitive, quality products and services to promote balanced trade," he said. |
| He acknowledged that economic globalisation could bring "some tensions and disagreements on distribution" but said it was not a "zero-sum game, but a universally beneficial process where all can benefit". | He acknowledged that economic globalisation could bring "some tensions and disagreements on distribution" but said it was not a "zero-sum game, but a universally beneficial process where all can benefit". |
| "Protectionism leads nowhere," he said. "Trade war has no winners." | "Protectionism leads nowhere," he said. "Trade war has no winners." |
| He added: "I believe that we have the wisdom and capability needed to find a win-win and all-win solution. | He added: "I believe that we have the wisdom and capability needed to find a win-win and all-win solution. |
| "We should not only make the pie of economic globalisation bigger, but also distribute it better." | "We should not only make the pie of economic globalisation bigger, but also distribute it better." |
| The IMF warned last week that a threatened wave of Trump tariffs would make trade tensions worse, lower investment, and disrupt supply chains across the world. | The IMF warned last week that a threatened wave of Trump tariffs would make trade tensions worse, lower investment, and disrupt supply chains across the world. |