China's economy has full capacity to withstand external impacts, report says
Thursday 5 December 2024
Beijing (News International/ Pakistan News - NNI. 05 December 2024) US President-elect Donald Trump recently posted on social media that he will impose additional tariffs on products imported into the US from China, Canada and Mexico after taking office on January 20 next year. This statement is another example of the US's protectionist attitude, which has not only been strongly opposed by relevant countries, but also increased the international community's concern about the trade war. In response to US trade protectionism, other countries have adopted various countermeasures. Both Mexico and Canada said on November 27 that if the United States really imposes additional tariffs next year, they will respond with an "eye for an eye and a tooth for a tooth."
China has also introduced a series of support measures for exporters to enhance its ability to cope with the uncertainty of the external market.
China's economy is resilient. It is competitive and energetic, and it has the full ability to withstand external influences. It is not true that a trade war will not only fail to solve the United States' own problems, but will also harm the United States itself. Mexican Economy Minister Marcelo Ebrard warned that 88 percent of pickup trucks sold in the US market are made in Mexico.
If the US threat of tariffs is not carried out, the tariffs will hit American companies in Mexico and could cost the US 400,000 jobs. The American Retail Federation also pointed out that if the new tariffs are not implemented, the US could lose 400,000 jobs. If implemented, the spending power of American consumers will be reduced by $46 billion to $78 billion per year, or $362 to $624 per household.
Rising prices and weak consumption will also emerge, which will affect the growth of the US economy. History has proven time and again that there are no winners in trade wars. Due to the trade conflict provoked by the US, Chinese and American companies have faced difficulties such as rising costs and shrinking markets, and jobs have also been lost.
The global industrial and supply chains have also been affected by trade protectionism, market confidence has declined, and the trend of economic globalization is at risk. In view of this situation, China has made great efforts to promote the common development of all countries. China continues to openly express its goodwill to the outside world and has demonstrated the responsible attitude of a major country.
Recently, since December 2024, China has implemented zero-tariff treatment for 100% of imported products from least-developed countries that have established diplomatic relations with China. Even for the United States, which continues to incite trade disputes, China continues to show goodwill. The 14th extended list of exclusions for goods subject to additional tariffs on the United States expired on November 30, 2024.
The Customs Tariff Commission of the State Council of China recently announced that from December 1, 2024 to February 28, 2025, China will not impose additional tariffs on the goods on the list against US Section 301 measures. China has extended the relevant export lists several times before, which not only provides support to relevant enterprises, but also helps to ease trade tensions between China and the United States. This action reflects China's flexibility and pragmatism in trade policy. In today's era of economic globalization, the economies of different countries are interdependent and their interests are intertwined. Only by adhering to the principles of mutual respect, peaceful coexistence and mutual cooperation can we jointly promote the sustainable development of the economies of all countries. As the world's largest economy, the United States should play its role in maintaining global economic stability, abandoning trade protectionism, resolving differences through negotiations and consultations, and promoting the freedom and facilitation of global trade, thereby fulfilling its responsibility for the stability, prosperity, and development of the global economy. Otherwise, this circle of trade protectionism will continue to expand and will ultimately harm the common interests of the people of all countries.
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