Chinese Vice Premier Ding Xuexiang speaks at COP29 on November 12, 2024.
Sopa Images | Light flare | Getty Images
BEIJING — Chinese Vice Premier Ding Xuexiang has warned there are “no winners” in a trade war, as the world’s second-largest economy faces the possibility of imposing tariffs under newly inaugurated administration of Donald Trump.
“Protectionism is going nowhere.[Atradewarhasnowinners”DingsaidonTuesdayaccordingtoanofficialEnglishtranslation[Uneguerrecommercialen’apasdegagnant”adéclarémardiDingselonunetraductionofficielleenanglaisIls’exprimaitauForuméconomiquemondialdeDavosenSuisse[Atradewarhasnowinners”DingsaidTuesdayaccordingtoanofficialEnglishtranslationHewasspeakingattheWorldEconomicForuminDavosSwitzerland
The deputy prime minister began his speech by heavily referencing Chinese President Xi Jinping’s speech in Davos in 2017, which took place just days before Trump visited the White House to begin his first term.
After his second inauguration on Monday, Trump said the United States could impose tariffs on Mexico and Canada as early as February. As for China, the returning US president indicated that tariffs could be a way to pressure the country to force Beijing-based ByteDance to sell TikTok, whose future availability in the US is now in question in question.
“If we wanted to do a deal with TikTok, and it was a good deal, and China didn’t approve of it, then I think ultimately they would approve of it, because we would impose tariffs. customs to China,” Trump said. “I’m not saying I would, but you definitely could.”
Ding, who said he was attending Davos for the second time, is one of China’s four vice prime ministers. China’s economy is struggling with sluggish consumption and a collapse in real estate. Despite this, the country’s GDP officially grew by 5% last year after a wave of stimulus announcements starting in late September.
This breaking news story is currently being updated.
