In light of ongoing trade disputes characterized by heavy tariffs, the stakes have been raised significantly between China and the United States. On one end, President Trump undertook a revolutionary approach to reshape global trade through tariffs, but recently, he hesitated to impose duties, allowing limitations on several nations except China. Conversely, Xi Jinping continues his unyielding stance amidst the turmoil of the pandemic fallout and its impact on China’s economy.
On Friday, Xi's leadership was tested as the Chinese government announced an aggressive increase in tariffs on U.S. imports, now reaching an unprecedented 125 percent. Commenting on the escalating tensions, Xi stated, “There will be no winners in a tariff war," emphasizing China's historic emphasis on self-reliance and resilience against external pressures.
Moreover, Xi's unwavering confidence, despite looming challenges, reflects his commitment to maintaining China's economic sovereignty amid fears of prolonged trade conflict. As both leaders engage in this monumental power struggle, the global community braces for further repercussions on economies worldwide.
