Phnom Penh: Chinese President Xi Jinping, during his meeting with Cambodian Senate President Hun Sen in Phnom Penh, emphasized that trade wars undermine the multilateral trading system and destroy the global economic system.
According to Yemen News Agency, Xi Jinping stated, "Trade wars undermine the multilateral trading system and destroy the global economic order." He further highlighted that "unilateralism and hegemony are not supported, and no country wants to return to isolation."
The backdrop to Xi's comments is the recent actions by US President Donald Trump, who signed a decree on April 2 imposing "reciprocal" tariffs on imports from several countries. These tariffs, which took effect on April 9, target 57 countries based on the U.S. trade deficit with each, aiming to balance the deficit as Trump indicated.
The trade war has seen additional "reciprocal" tariffs on Chinese goods by the US reaching 125%, with China responding with similar tariffs of 125% on US goods. Furthermore, the US has imposed an extra 20% tariff on China over allegations of not adequately combating synthetic narcotics.