Meanwhile, President Xi activates his economic diplomacy in Europe and Asia.

On Friday, China raised tariffs on all U.S. goods from 84% to 125% and warned that it would ignore any future duties imposed by Washington, arguing they no longer have any economic effect.

RELATED:

The EU and China To Hold a Summit in July

The Customs Tariff Commission of the State Council confirmed that the new rate will take effect this Saturday and accused the United States of engaging in “coercive unilateralism.”

It also stated that recent measures have effectively eliminated any real market for U.S. products in China, making any further increases “irrelevant.”

“The United States has disregarded the global economic order it helped build after World War II. Its trade policy will go down in history as a mockery of the global economy,” Chinese authorities said, warning that Beijing’s patience has “limits.”

The decision follows a rapid escalation in the tariff war. China had previously raised its tariffs from 34% to 84% in retaliation for a 50% tariff approved by U.S. President Donald Trump.

Washington responded with a new hike to 125%, which, combined with previous charges, brings the total rate on Chinese imports to 145%, according to the White House.

Chinese Foreign Ministry spokesperson Lin Jian reiterated in a press conference that China “does not want a trade war, but is not afraid of one,” and called on the U.S. to abandon its pressure tactics if it genuinely seeks a negotiated solution. He said the countermeasures defend China’s legitimate interests and “the international rules-based order.”

Xi Calls for Globalization and Cooperation

On Friday, Chinese President Xi Jinping urged Spanish Prime Minister Pedro Sanchez for China and Europe to oppose “unilateral intimidation practices” and “jointly safeguard economic globalization.” These are Xi’s first public remarks since the latest tariff escalation with the United States began.

During his meeting with Sanchez in Beijing, the Chinese leader defended multilateralism as a means to maintain global stability and asserted that his country would remain composed “regardless of how the external situation changes.”

Xi stressed that China and the European Union are “steadfast defenders of free trade” and expressed his willingness to strengthen mutual trust with countries like Spain.

Sanchez, for his part, called the Asian country an “indispensable partner” for tackling global challenges and said that Spain would support strong and balanced relations between Brussels and Beijing.

From Brussels, a spokesperson for European Council President Antonio Costa confirmed that the European Union will hold a bilateral summit with China in the second half of July, in Asia, to mark the 50th anniversary of diplomatic relations. Both Costa and European Commission President Ursula von der Leyen are expected to attend.

Xi Resumes Foreign Agenda in Asia

On Friday, China — which earlier this week stated that its neighborhood is a “diplomatic priority” — announced that Xi will embark next week on a tour of Vietnam, Malaysia, and Cambodia, all members of the Association of Southeast Asian Nations (ASEAN).

It will be his first international trip of the year, aimed at “strengthening economic, political, and security cooperation in the region,” according to China’s Foreign Ministry.

However, the tour coincides with the tensions caused by Trump’s “reciprocal” tariffs, which have also affected several Southeast Asian countries with rates exceeding 40%, though those were later suspended for 90 days. China was excluded from that truce, and its exports continue to face a 145% tariff.

Chinese state media have emphasized the importance of China’s ties with ASEAN, a bloc that today represents the Asian giant’s largest trading partner.

In this context, Beijing is seeking to solidify regional alliances to cushion the impact of the trade war with the U.S. and to confront a possible fragmentation of the global economy. Xi’s trip will include meetings with key leaders of all three countries.

teleSUR/ JF

Source: EFE

EN ESTA NOTA: