‘No winners in trade war’: China slams US tariffs, says it’s a leading partner for 140 countries

1. ‘No winners in trade war’: China slams US tariffs, says it’s a leading partner for 140 countries

No winners in trade war’: China slams US tariffs, says it’s a leading partner for 140 countries ByHT News Desk Mar 06, 2025 09:13 PM IST Share Via Copy Link The Trump administration has raised tariffs on Chinese imports, prompting China to retaliate with duties and restrictions on American goods and companies.

China’s commerce minister Wang Wentao on Thursday said that the country will not yield to pressure and can withstand higher US tariffs, though he warned that there are “no winners in a trade war.”

Wang Wentao, China's Minister of Commerce, attends a press conference during the second session of the 14th National People's Congress (NPC) in Beijing on March 6, 2025. (Photo by Pedro Pardo / AFP)(AFP)

Speaking on the sidelines of the annual session of China’s national congress, Wang warned against coercion and threats, while officials outlined plans to strengthen the economy and financial markets.

Since taking office in January, the Trump administration has twice raised tariffs on Chinese imports, prompting China to retaliate with duties and restrictions on American goods and companies.

Wang said that China seeks mutual respect in its international dealings.

“Coercion and threats will not work on China, nor will they scare China. China’s determination to defend its own interests is unswerving,” Wang said, adding that “there are no winners in a trade war. If the American side goes further down this wrong path, we will fight to the end.”

He reiterated China's willingness to resolve trade disputes, saying, “Our two sides can meet at an appropriate time, and our teams can also communicate as early as possible.”

However, he dismissed Trump’s justification for imposing 20 percent tariffs on all Chinese imports, blaming China for the US fentanyl crisis, claiming it would not address the issue.

China is the leading trade partner for 140 countries and regions and has free trade agreements with over 30 nations, Wang said, adding that Beijing is open to signing more.

He acknowledged the challenges faced by Chinese exporters but said the government is encouraging businesses to explore global markets through trade fairs and expansion efforts. B

Beijing is also increasing financial support for export credit while aiming to boost trade in services and e-commerce, he added.

“We do not put all our eggs in one basket,” Wang said, emphasising China’s push to strengthen consumer demand and diversify its trade strategy.

A slump in China’s housing market, weak share prices, limited social welfare, and job losses since the COVID-19 pandemic have all contributed to a slowdown in the country’s economy, hindering growth.

Zheng Shanjie, head of the National Development and Reform Commission, China’s primary planning body said that projections for economic growth in 2025 are expected to range between 4.6 percent and 4.8 percent, falling short of the government’s target of “around percent.”

Zheng said that the government is working on a “specialised plan of action” to boost consumer spending and investment, although he did not share further details.