China’s Xi sets tone on US ties under Trump 2.0, warning ‘no winners’ in trade war

President Xi Jinping’s comments suggest China is reluctant to escalate tensions but ready to fight back if US takes action against it

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Chinese President Xi Jinping warns that “tariff wars, trade wars and technology wars run counter to historical trends and economic laws”. Photo: Shutterstock

Published: 3:27pm, 10 Dec 2024Updated: 9:49pm, 10 Dec 2024

Chinese President Xi Jinping has warned there will be no winner in a tariff or tech war between China and the US and vowed that Beijing will firmly safeguard its interests.

Addressing the chiefs of 10 major international economic institutions in Beijing on Tuesday, the Chinese leader, for the first time, elaborated to a global audience – rather than in bilateral meetings with American officials – the tone of Beijing’s approach towards Washington for Donald Trump’s second term in the White House.

The comments came after the US president-elect told broadcaster NBC on Friday that he and Xi “have been communicating with each other … since three days ago”. Trump also said Beijing could play a role in ending the Ukraine war.

Beijing did not confirm or deny whether the communication took place. It would be the first known conversation between the two since Trump’s decisive victory in the presidential election last month.

China is ready to “maintain dialogue, expand cooperation and manage differences with the US government”, Xi told the heads of the organisations – including the World Bank, International Monetary Fund and World Trade Organization – reiterating language from his previous statements.

“Tariff wars, trade wars and technology wars run counter to historical trends and economic laws, and there will be no winners,” Xi said at the Great Hall of the People.