‘There is no winner in trade war’: China says will take countermeasures to Trump’s tariffs

China, reacting to Donald Trump’s tariffs, has said that there is no winner in a trade war and that the country will take countermeasures to safeguard its interest. The US has imposed 34 per cent tariffs on China, as per Trump’s announcements on April 2. Trump said China imposes 67 per cent tariffs on US.

According to Global Times that quoted a ministry spokesperson, China said, “There is no winner in a trade war, and protectionism leads nowhere. China urges the US to immediately remove unilateral tariffs and resolve differences with trade partners through dialogue.”

This comes after China had also announced retaliatory tariffs in response to Trump’s announcement on tariffs on China, Mexico and Canada. The US had initially announced 10 per cent tariffs on China, which was subsequently doubled to 20 per cent, prompting China to also impose additional tariffs ranging from 10-15 per cent on US imports. The country also placed 25 US firms under export and investment restrictions, and and extra 15 per cent on US imports such as chicken, wheat, corn, and cotton, and 10 per cent on soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables, and dairy imports starting March 10.

Meanwhile, China, Japan, and South Korea have agreed to collaborate in response to US tariffs following their first economic dialogue in five years. The nations aim to facilitate regional trade to counterbalance the effects of US President Donald Trump's tariffs. Japan and South Korea are looking to import semiconductor raw materials from China, while China is interested in purchasing chip products from Japan and South Korea. The countries also plan to accelerate talks for a South Korea-Japan-China free trade agreement. 

Additionally, China also expressed its readiness to import more Indian products and enhance trade cooperation, according to Beijing's ambassador to New Delhi. China and India are making efforts to rebuild their relationship following a 2020 border clash. Chinese President Xi Jinping has conveyed to Indian President Droupadi Murmu that the two countries should collaborate more closely.