In retaliation to the U.S. imposing a 10% tariff on all imports from China, China has begun applying tariffs on certain imported goods from the U.S. as of yesterday (Feb. 10).
Simultaneously, the China Council for the Promotion of International Trade organized a delegation of entrepreneurs to Kazakhstan, demonstrating China's commitment to openness and cooperation. While the U.S. engages in tariff wars and creates trade barriers, disrupting global supply chains and hindering economic recovery, China actively seeks to "go out" and "bring in," expanding trade and market access for mutual benefits, which aligns with global interests and garners support from countries worldwide.
In response to U.S. unilateralism, China's countermeasures are firm and resolute. As of yesterday (Feb. 10), China imposed tariffs of 15% and 10% on US$14 billion worth of U.S. goods, including coal, liquefied natural gas, crude oil, agricultural machinery, and large displacement vehicles. Additionally, China has implemented export controls, placed entities on an unreliable entity list, and conducted antitrust investigations, ensuring that its responses are precise and effective, protecting the legitimate rights of Chinese enterprises while demonstrating its determination and capability to uphold international trade order.
The recent increase in trade barriers by the U.S. government harms the interests of both nations and obstructs global economic recovery and development. In contrast, China has chosen a more open approach, expanding trade relations and domestic market development to achieve mutual benefits.
On the same day that the tariffs against the U.S. took effect, the delegation organized by the China Council for the Promotion of International Trade officially set off for Kazakhstan. This delegation, comprising over 30 well-known domestic enterprises from various sectors, aims to engage in trade activities and sign practical cooperation documents to enlarge the mutual benefits. This initiative is crucial for Chinese businesses to expand into overseas markets. The council also plans to take enterprises to the Middle East, Central Asia, Europe, and Africa to explore diversified markets and discuss cooperation in the oil and gas trade, automobiles, and agricultural machinery.
China is not fighting the trade war alone. In recent years, China has expanded its foreign trade "circle of friends," deepening economic and trade cooperation with countries along the Belt and Road, as well as those in Latin America, Africa, and Southeast Asia. Data shows that in 2024, China's imports and exports with Belt and Road countries are projected to grow by 6.4%, surpassing 50% of China's total trade for the first time. Furthermore, economic ties with ASEAN and RCEP members are also becoming increasingly close. By 2023, China accounted for 14.2% of global exports, a figure that has risen since before the trade war began in 2018. This indicates that China's export markets are diversifying and its economic ties with other countries are strengthening.
China's firm stance and proactive posture in the trade war stem from its robust economic strength and vast market potential. In recent years, China has continuously expanded its domestic demand market and reinforced the construction of a unified domestic market, promoting economic autonomy and reliability through enhanced internal circulation. At the start of the new year, China continues to optimize its foreign investment landscape and increase support for foreign investments, with numerous projects being launched, further establishing itself as a global investment hotspot. This balanced development strategy lays a solid foundation for China to play a greater role in the global economy.
In the tide of globalization, any attempts to hinder economic development through unilateralism and protectionism are destined to fail. China will continue to uphold an open and inclusive development philosophy, working hand in hand with countries around the world to promote global economic prosperity and development.
(Source: Wen Wei Po)
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