China counters Trump’s tariff threats, calls trade wars futile
Illustrative photo (Getty Images)
President-elect of the United States, Donald Trump, has announced plans to impose a 10% tariff on all imports from China. He attributed this move to the "influx of illegal drugs, including fentanyl and other substances," CCTV reports.
The spokesperson for the Chinese Embassy in the US, Liu Pengyu, responded by emphasizing that economic and trade cooperation between the two nations is mutually beneficial. He warned that tariff or trade wars do not result in victory for either side.
Liu Pengyu also noted that after the summit in San Francisco, China, the US resumed regular cooperation in anti-drug efforts.
The Chinese side has informed the US about the progress of its operations, responded to American authorities' requests, and taken appropriate actions. Claims that China allegedly facilitates the supply of fentanyl chemical precursors to the US were dismissed as unfounded.
Previously, Trump announced intentions to impose tariffs on imports from Mexico, Canada, and China, causing a significant stir in global financial markets.
Analysts at Bank of America predict that during Trump’s presidency, the currencies of developing countries will depreciate by 5%, and sovereign bonds will be sold off en masse in the first half of 2025.
Read more in RBC-Ukraine's material about how the new president plans to increase tariffs on imports from Mexico, Canada, and China and how global markets are reacting.
