A top Chinese official has urged against protectionism during a speech at the World Economic Forum in Davos, Switzerland, on January 21, 2025. Vice Premier Ding Xuexiang emphasized the need for a “win-win” solution to trade tensions amid concerns over Donald Trump’s potential return to the White House and the possibility of renewed trade conflicts.
- Chinese official warns against protectionism
- Trump’s return raises trade war concerns
- China seeks "win-win" trade solutions
- US imports from China have flattened
- Economic globalization not a "zero-sum game"
- IMF warns of negative impacts from tariffs
Ding Xuexiang’s remarks come as the global economy faces uncertainty with Trump’s re-election campaign, which previously included threats of tariffs on Chinese goods. He did not specifically mention the U.S. but expressed a desire for increased imports of quality products and services to foster balanced trade. Ding stated, “Protectionism leads nowhere,” emphasizing that trade wars yield no winners.
Since 2018, U.S. imports from China have flattened, a trend attributed to escalating tariffs imposed during Trump’s first term. The trade standoff saw a temporary resolution in 2020 when both nations signed a deal, which included commitments from China to purchase U.S. agricultural products. However, U.S. officials claim that China has not fulfilled these obligations.
- Trump’s tariffs on Chinese goods could reach up to 60%.
- Scott Bessent, the newly confirmed Treasury Secretary, plans to enforce trade agreements.
- The International Monetary Fund warned that new tariffs would worsen trade tensions and disrupt global supply chains.
Ding’s speech highlighted China’s recent efforts to ease foreign investment restrictions and boost domestic consumption. He argued that economic globalization should benefit all parties involved, stating, “We should not only make the pie of economic globalization bigger, but also distribute it better.” As trade discussions continue, the focus remains on finding cooperative solutions to avoid further escalation.
The call for a collaborative approach to trade by Vice Premier Ding Xuexiang reflects China’s strategy to navigate potential challenges posed by U.S. trade policies under Trump. The emphasis on balanced trade and increased imports signals China’s intent to foster a more cooperative economic environment.
