A senior Chinese official has stated that Donald Trump’s tariffs will not cause catastrophic harm to Chinese exports. The statements emerged during stock market growth and indications that Trump might ease his restrictions on electronic products. Lyu Daliang from China’s customs administration declared that China has expanded its trade connections beyond the United States during the past few years, thus decreasing its market dependence on the U.S.
The United States and China have maintained a trade conflict through multiple years as China implemented powerful retaliatory tariffs against American exports. China maintains 125% tariffs against US imports at the same time that the United States has applied 145% tariffs against Chinese products. China has shown resistance to the trade turmoil that started when Trump applied universal trade tariffs to all nations in April 2018. Trump has provided brief tariff exemptions to electronic products, including smartphones and laptops, but his overall stance on tariffs remains strong, as devices currently endure 20% duties that may rise in the future.
President Xi Jinping has supported the use of China’s enormous domestic market as a protective shield against worldwide market fluctuations. During his recent Vietnamese visit, Xi Jinping expressed his opposition to US trade tariffs by stating protectionism creates no positive outcomes and trade wars result in no beneficial outcomes. China demonstrates its ability to withstand outside pressures through its rising domestic market consumption and robust commercial ties with countries such as Vietnam.
Major stock indices in Asia and Europe experienced substantial increases during their Monday trading sessions. The market shows growing confidence in China’s economic strength through its response to Trump’s tough statements.
