'No clear winner', Xi Jinping reacts as China retaliates with 125% tariffs against US imports

Beijing: There is no winner in a tariff war, and going against the world will only result in self-isolation, Chinese President Xi Jinping said when meeting with Spanish Prime Minister Pedro Sanchez here on Friday. Moreover, in a move that is set to further escalate global uncertainty, China has decided to retaliate with additional tariffs on US goods from April 12, taking the total effective rate to 125 per cent. This came a day after US President Donald Trump announced a total of 145 per cent duty on Chinese goods. Xi said over the past 70 years and more, China has achieved development through self-reliance and arduous struggle, never relying on others' mercies, still less fearing any unreasonable suppression, reports Xinhua news agency. He added that no matter how the external world changes, China will remain confident and focused on running its own affairs well.

Noting that both China and the European Union (EU) are major economies in the world and firm supporters of economic globalization and free trade, Xi said the two sides have formed a close relationship of economic symbiosis with their combined economic output exceeding one-third of the world's total. He called on China and the EU to fulfill their international responsibilities, work together to safeguard economic globalization and the international trading environment, and jointly resist unilateral bullying. This not only safeguards the legitimate rights and interests of China and the EU, but also serves to maintain fairness and justice within the international community while upholding international rules and order, Xi said. Sanchez said China is an important partner of the EU, and Spain has always supported the stable development of EU-China relations. Noting the EU is committed to open and free trade, upholds multilateralism and opposes unilateral tariff hikes, Sanchez said there is no winner in a trade war. Facing the complex and challenging international situation, Spain and the EU are willing to strengthen communication and coordination with China to maintain the international trade order, cope with challenges including climate change and poverty, and safeguard the common interests of the international community, he said.