In a subtle jab at the US, Chinese leader Xi Jinping claims that “bullying” and “hegemonism” will only backfire. This comes a day after the two biggest economies in the world agreed to a temporary truce in their trade battle.
At a conference of Latin American and Caribbean leaders, which included the presidents of Brazil, Colombia, and Chile, in Beijing on Tuesday, Xi made the decision to present this message, which portrays China as a global leader and champion of free trade. The area has found itself more and more enmeshed in the US-China struggle for dominance. Trade wars and tariff warfare have no victors. “Hegemony or bullying only results in self-isolation,” Xi stated, restating a caution he has issued during the trade spat. He continued by saying that “unity and cooperation among nations are indispensable” due to the rapid acceleration of significant changes not witnessed in a century.
Xi’s remarks follow the unexpected announcement by the US and China that they will significantly reduce tariffs on each other’s goods for the first 90 days. This has defused a bitter trade war and boosted international markets.
Chinese commentators and state-run media are celebrating the agreement as “a huge victory” for China and a validation of Beijing’s tough stance, while the White House is hailed the tariff pause as a victory for the United States and a demonstration of Trump’s “unparalleled expertise in securing deals that benefit the American people.
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