Under the pretext of reciprocity, the United States announced tariff hikes on nearly all its trading partners, including a 34 per cent tax on imports from China, 20 per cent on the European Union, and a 10 per cent levy on most regional countries, while in the case of Guyana, the tariff is as high as 38 per cent.

China firmly opposes the US “reciprocal tariffs” and will resolutely adopt countermeasures to safeguard its rights and interests.

The so-called “reciprocal tariffs” gravely violate WTO rules, undermine the rules-based multilateral trading system, and endanger global economic development as well as industrial and supply chain stability. This approach disregards the balance of interests achieved through many years of multilateral trade negotiations and ignores the fact that the US has long benefited from international trade. 

History shows that increasing tariffs cannot solve the US’s own problems. Instead, it harms the US’ own interests and the common interests of people of all countries.

China has emphasised more than once that trade and tariff wars have no winners. Protectionism leads nowhere. Economists warn that the tariffs are likely to lead to increased consumer prices, contributing to inflation.

The budget lab at Yale University estimated that the tariffs announced last Wednesday are expected to raise consumer prices by approximately 1.3 per cent in the short term, costing the average household an additional US$2,100.

Furthermore, these tariffs are expected to dampen the US economic growth both in the short and long term. Main stock markets around the world and treasury yields fell. The WTO chief warned that the tariff salvo could lead to an overall contraction of around one per cent in global merchandise trade volumes this year.

The US’ wrongdoings severely damage the legitimate rights and interests of relevant parties and is a typical practice of unilateral bullying. Many trading partners have expressed strong dissatisfaction with and clear opposition to the US’ move.

Multilateralism is the only choice for addressing global challenges, and economic globalisation is an unstoppable trend of history.

Different from the US, China’s door will only open wider. China upholds true multilateralism, promotes universally beneficial and inclusive economic globalisation, actively participates in global economic governance, and is committed to building an open world economy.

China granted zero-tariff treatment to 100 per cent of tariff categories of all 43 least developed countries with which it has diplomatic relations, and the overall level of tariff fell to 7.3 per cent, close to the developed world average. It achieved a zero threshold for access to foreign investment in the manufacturing sector, and China’s openness index increased by 11.89 per cent compared to that of 2008. As the major trading partner of more than 150 countries and regions, China has signed 23 free trade agreements with 30 countries and regions. Looking ahead, China will remain the anchor and engine of the world economy.

Overall, in the face of the US’s hegemonic, high-handed and bullying acts, China stands ready to work with Jamaica and other parties to strengthen unity and cooperation and jointly resist and oppose such misbehaviour.

China urges the US to stop doing the wrong thing and resolve trade differences with China and other countries through consultation with equality, respect and mutual benefit.