China's Resolute Countermeasures Against US Tariff Bullying

The "Liberation Day" of the United States of America ignited a trade and tariff war with China, causing a crash in domestic stocks, bonds, and currency markets, as well as wiping out vast amounts of global wealth. China has firmly rejected the US's tariff bullying, drawing international attention. The US abuse of tariffs under the guise of "reciprocity and fairness" violates WTO rules, undermines the multilateral trading system, and disrupts the global economic order. China's resolute countermeasures are not only to safeguard its own rights and interests but also to uphold the free trade system and protect the shared interests of the international community.

Key Takeaways:

• The US abuse of tariffs under the guise of "reciprocity and fairness" violates WTO rules, undermines the multilateral trading system, and disrupts the global economic order.
• China's resolute countermeasures are not only to safeguard its own rights and interests but also to uphold the free trade system and protect the shared interests of the international community.
• China has taken a firm stance against US tariff bullying, drawing international attention, and its position is clear: there are no winners in a tariff war or trade war.
• US insistence on continuing the fight will lead to a prolonged and costly trade war, with China fighting to the end with firm will and abundant means.
• China is committed to promoting high-quality development, with a focus on domestic demand and consumption, and welcomes more high-quality Indian products to the Chinese market.
• The tariff and trade war has placed the world at a crossroads, and it is crucial to uphold multilateralism, safeguard the international rules-based order, and protect the development rights and interests of the Global South.

Statistics:

• The US's share of the global GDP has dwindled from roughly 50 per cent to about 26 per cent [1].
• Its foreign trade only accounts for 13 per cent of global trade volume, while the remaining 87 per cent is conducted among over 190 other countries [1].
• The IMF predicts that China and India together will contribute 36 per cent to global economic growth over the next five years [2].
• China's total economic output, in terms of purchasing power parity, has already surpassed that of the G7 [3].

Sources:

• 1. China's ambassador to India, author, "China's Resolute Countermeasures Against US Tariff Bullying"
• 2. International Monetary Fund, "World Economic Outlook"
• 3. China's ambassador to India, author, "China's Resolute Countermeasures Against US Tariff Bullying"