Beijing, April 11
There is no winner in a tariff war, and going against the world will only result in self-isolation, Chinese President Xi Jinping said when meeting with Spanish Prime Minister Pedro Sanchez here on Friday.
Moreover, in a move that is set to further escalate global uncertainty, China has decided to retaliate with additional tariffs on US goods from April 12, taking the total effective rate to 125 per cent. This came a day after US President Donald Trump announced a total of 145 per cent duty on Chinese goods.
Xi said over the past 70 years and more, China has achieved development through self-reliance and arduous struggle, never relying on others' mercies, still less fearing any unreasonable suppression, reports news agency.
He added that no matter how the external world changes, China will remain confident and focused on running its own affairs well.
Noting that both China and the European Union (EU) are major economies in the world and firm supporters of economic globalization and free trade, Xi said the two sides have formed a close relationship of economic symbiosis with their combined economic output exceeding one-third of the world's total.
He called on China and the EU to fulfill their international responsibilities, work together to safeguard economic globalization and the international trading environment, and jointly resist unilateral bullying.