Chinese President Xi Jinping is calling for increased economic cooperation among Asian countries and says there are no winners in a tariff war. Ahead of a visit to Vietnam, Xi wrote in an article in the Vietnamese newspaper Nhan Dan that there is a need to add more "stability and positive energy to a chaotic and interconnected world", AFP news agency reported.
- There are no winners in trade wars and tariff wars, and protectionism has no way out, he also wrote in the article, according to the Chinese Foreign Ministry.
The Chinese leader does not mention the United States, but his article comes at a time when the United States has imposed massive tariffs on Chinese imports on the orders of President Donald Trump. China has responded by increasing tariffs on American goods.
Protectionism covers an economic policy in which, through tariffs and other trade barriers, companies are trying to protect themselves from competition from abroad.
According to Donald Trump, a large number of countries - including China - have tried to keep the United States out of their markets through tariffs. This is unfair, the US president has said, who has imposed a 145 percent tariff on Chinese goods. China has, in turn, imposed a 125 percent tariff on goods from the United States. The rates in both the US and China have increased several times in recent weeks.
The Chinese side has said that it is seeking dialogue with the US, but that it will "fight all the way" to protect Chinese interests. In the article in the Vietnamese article, Xi Jinping writes that it is important that supply chains are stable.
He adds that there should be more cooperation at the regional level. He writes that he is happy to be able to import high-quality goods from Vietnam. The Chinese president also encourages Chinese companies to invest in Vietnam.
jel /ritzau/Reuters
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