DAVOS: As Donald Trump made his way back to the White House on Tuesday, a senior Chinese official cautioned that no nation would win a trade war. There is a “tug of war” going on between proponents and opponents of economic globalisation, Vice Premier Ding Xuexiang told the World Economic Forum. “With impending trade and tariff wars, transformation that hasn’t been seen in a century is accelerating across the board,” Ding stated.
“There are significant changes taking place in the global governance structure. “Human society has reached a crucial juncture once more,” he continued. Trump, who started his second term on Monday, launched a trade battle with China during his first time in office and pledged throughout his campaign to raise tariffs on the nation. Without specifically naming Trump or the US, Ding stated, “Protectionism leads nowhere, and there are no winners in a trade war.”
Trump threatened on Monday to levy tariffs if Beijing rejected his plan to sell off half of the Chinese-owned app TikTok in order to keep it available in the US. China and the European Union have also been embroiled in trade disputes. The EU imposed hefty tariffs on electric cars made in China last year. Beijing, in response, launched investigations into EU subsidies of certain dairy and hog products and targeted European brands.
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