Bullying only leads to self-isolation, China’s Xi says day after US tariff truce

Vocabulary: 334, Words: 705

1Chinese leader Xi Jinping has taken aim at “bullying” and “hegemonism,” in his first public remarks since a temporary truce over tariffs was agreed in the trade war between the United States and China.

2Great changes unseen in a century are accelerating, which have “made unity and cooperation among nations indispensable,” Xi told an audience of Latin American and Caribbean officials — including the presidents of Brazil, Colombia and Chile — gathered in Beijing for a summit on Tuesday.

3“There are no winners in tariff wars or trade wars. 4Bullying or hegemonism only leads to self-isolation,” he said, reiterating a warning he has made throughout the trade showdown with US President Donald Trump.

5Xi’s speech comes a day after the US and China announced they would drastically roll back tariffs on each other’s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.

6While the White House is hailing the tariff pause as a win for the United States and a demonstration of Trump’s “unparalleled expertise in securing deals that benefit the American people,” Chinese commentators and state-run media are celebrating the agreement as “a huge victory” for China and a vindication of Beijing’s tough stance.

7“This shows that China’s firm countermeasures and resolute stance have been highly effective,” Yuyuan Tantian, a social media account affiliated with state broadcaster CCTV, wrote on Weibo. 8“The retaliatory measures clearly had a significant impact on the US, prompting its government to lower tariffs to baseline levels following the talks.”

9As countries rushed to make deals with Trump after his April 2 announcement of “reciprocal tariffs,” China took a markedly different approach, standing its ground and retaliating with tariffs on US goods along with a host of other countermeasures.

10For over a month, Trump’s second-term tariffs on Chinese imports remained at a staggering 145%, while China’s retaliatory levies on US goods held at 125%, a tit-for-tat trade war that was already inflicting economic pain on both sides.

11The trade agreement reached over the weekend effectively means the US will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%, according to the joint statement.

12Trump’s 20% fentanyl-related levies on China, imposed in February and March, will stay, so will China’s countermeasures against the US for those tariffs. 13Under the agreement, China will also suspend or cancel its non-tariff countermeasures imposed on the US since April 2.

14For weeks, China had stood firm against US pressure and launched a diplomatic charm offensive, presenting itself as a defender of global trade and rallying countries to push back against what it calls “US bullying.”

15On Tuesday, Xi continued that push despite the trade truce, vowing to strengthen “solidarity” with Latin America and the Caribbean, a region that Trump has sought to pull closer into Washington’s orbit. 16Trade between China and the region exceeded $500 billion for the first time last year, the Chinese leader said.

17Xi was speaking at the opening of the fourth ministerial meeting of the China-CELAC Forum, a gathering founded in 2014 to strengthen China’s influence in Latin America and the Caribbean — and challenge America’s traditional dominance in the region. 18CELAC stands for the Community of Latin American and Caribbean States.

19“China and Latin American and Caribbean countries are important members of the Global South. 20Independence and autonomy are our glorious tradition. 21Development and revitalization are our inherent right. 22And fairness and justness are our common pursuit,” Xi said.

23“In the face of seething undercurrents of geopolitical and bloc confrontation, and the surging tide of unilateralism and protectionism, China stands ready to join hands with our Latin American and Caribbean partners,” he added.

24The Chinese leader also vowed to provide 66 billion yuan ($9.2 billion) worth of credit lines to CELAC countries to support their development. 25The credit lines will be denominated in yuan, a move that is part of larger efforts to popularize the Chinese currency in the region.

26Countries in Latin America are among Beijing’s top trading partners. 27Last year, China was the main destination for Brazil’s soybeans, accounting for more than 73% of the country’s total soybean exports.

28This is a developing story and will be updated.

from CNN