Chinese President Xi Jinping warned on Tuesday that a trade war with the United States would result in “no winners,” according to state media, ahead of the inauguration of president-elect Donald Trump next month.
The former U.S. president launched a contentious trade war with China during his first term, accusing China of intellectual property theft and other “unfair” practices.
Trump has vowed to impose even higher tariffs on China after taking office, while Beijing is facing challenges with a fragile economic recovery following the pandemic.
“Tariff wars, trade wars, and technology wars go against historical trends and economic principles—and there will be no winners,” Xi said regarding China-U.S. relations during a meeting with heads of various multilateral financial institutions in Beijing, according to CCTV.
“China is willing to maintain dialogue with the U.S. government, expand cooperation, manage differences, and promote the stable, healthy, and sustainable development of China-U.S. relations,” Xi added.
Despite sluggish domestic consumption, high unemployment, and a prolonged crisis in the property sector, Beijing is targeting an annual growth rate of around five percent this year.
Xi also expressed confidence in achieving China’s 2024 growth target during the meeting, according to state media.
