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US-China trade war will have no winners: Xi
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IANS | 17 Nov, 2018
Taking a veiled swipe at the US, Chinese President Xi Jinping said here
on Saturday that countries which embrace protectionism are "doomed to
failure" and a trade war will have no winners.
"History has shown
that in confrontation, whether in the form of a cold war, a hot war or a
trade war, will produce no winners," Xi said in a speech at the
Asia-Pacific Cooperation Forum (APEC) CEO summit in the Papua New Guinea
capital city.
US Vice-President Mike Pence later said he was prepared to "more than double" the tariffs imposed on Chinese goods.
China
and the US, the world's two largest economies, have been engaged in a
tit-for-tat trade war this year. The White House said its tariffs were a
response to Beijing's "unfair" trade policies.
Speaking at the
event, Xi said that the world needs common rules of global governance
that do not respond to selfish agendas and added that only openness as
well as cooperation can bring more opportunities and create more space
for development.
"Disagreements should be resolved through
dialogue and consultation, rather than trying to form 'exclusive blocs'
or 'impose criteria on other countries'."
Xi further said that
"attempts to erect barriers and cut close economic ties work against the
laws of economics and the trends of history".
"This is a
short-sighted approach and it is doomed to failure," he added, warning
that those who close their doors "will only cut himself off from the
rest of the world and lose his direction".
But Pence -- who spoke at the forum directly after Xi -- said the tariffs were a response to the "imbalance" with China.
"The US, though, will not change course until China changes its ways," he said.
The
APEC forum was founded in 1989, accounts for 59 per cent of global GDP,
forms a market of 2.85 billion consumers -- around 40 per cent of the
world population -- and aims to establish a free trade zone among the 21
member economies by 2020.
This year's summit hopes to speed up
the implementation of a number of free-trade agreements, in the face of
growing trade tensions between China and the US.
The trade
dispute began when the administration of US President Donald Trump
imposed tariffs worth $250 billion on imports from China and Beijing
responded by imposing tariffs worth $110 billion on imports from
Washington.
Pence's remarks came a day after Trump told reporters he was confident a deal between China and the US "will be made".
However,
he said a number of key issues had not been included on a list for
negotiation ahead of December's G20 summit in Argentina, meaning it was
"not acceptable" yet to the President.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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