Chinese President Xi Jinping warned on Tuesday that there would be “no winners” in the trade war with the United States and vowed the country would meet its economic growth targets for this year.
Xi Jinping said “tariff, trade and science and technology wars go against the trends of history and the patterns of the economy,” against which Beijing is ready to maintain dialogue and “keep differences under control.”
In late November, US President-elect Donald Trump said that if BRICS tries to create an alternative to the dollar or starts deliberately abandoning it, the White House will effectively close the US market for countries engaged in such practices with possible 100 per cent import tariffs.
In response, China has expressed reluctance to move to a “bloc confrontation,” indicating that the unification aims at universal development and prosperity. Shortly after Trump’s election victory, analysts polled by Reuters estimated a 0.5-1.0 percentage point decline in China’s economic growth amid the duties that the new US chief may impose on goods from the country.
Earlier, the Chinese government banned supplies to the US of materials that can be used to produce semiconductors and various types of weapons. The banned list included superhard metals, antimony, germanium and gallium. China has also tightened control over the shipment of graphite products to America.
