Beijing: Chinese President Xi Jinping declared on Wednesday that tariff and trade wars undermine the legitimate rights and interests of all countries, disrupt the multilateral trading system, and negatively impact the global economic order. This statement follows ongoing tensions between China and the United States.
According to Ethiopian News Agency, President Xi made these remarks during a meeting with Azerbaijan President Ilham Aliyev in Beijing. Xi emphasized that China is prepared to collaborate with Azerbaijan to uphold the international system and engage in "in-depth" law enforcement and security cooperation. "China is ready to work with the Azerbaijan side to uphold the international system with the United Nations at its core... and safeguard international fairness and justice," reported Xinhua.
During the meeting, the leaders announced the "establishment of a comprehensive strategic partnership between China and Azerbaijan," which includes the signing of 20 cooperation documents under China's Belt and Road Initiative. These agreements span areas such as legal development, green development, digital economy, intellectual property rights, and aerospace.
In the backdrop of this meeting, U.S. President Donald Trump's administration had imposed a 145 percent tariff on most Chinese goods, with China retaliating by imposing a 125 percent duty on U.S. exports. This trade war has triggered concerns about a global economic slowdown, prompting the International Monetary Fund to revise its 2025 growth estimate from 3.3 percent to 2.8 percent.
Meanwhile, global stocks experienced a surge on Wednesday following comments by President Trump and top administration officials, which sparked optimism about a potential trade agreement between Washington and Beijing.