By Kelly Ng
China has called for the world to unite against Trump’s tariffs as the country’s exporters reel from crippling new US levies that have risen to 104%.
“Global unity can triumph over trade tyranny,” declared an editorial in the state-run newspaper China Daily, noting Beijing’s collaborations with Japan, South Korea and other Asian economies. A separate piece called for the European Union to work with it to “uphold free trade and multilateralism”.
Beijing “firmly opposes and will never accept such hegemonic and bullying practices,” foregin ministry spokesperson Lin Jian told reporters on Wednesday.
The tariffs come at a difficult time for China’s sluggish economy: domestic consumption remains weak and exports are still a major driver of growth.
The sweeping nature of Trump’s tariffs has also left Chinese businesses scrambling to adjust their supply chains – with most countries affected, firms say it’s hard to find a way out of this uncertainty.
The tariffs will shrink “already razor-thin profit margins”, said the owner of a Chinese business that handles cross-border logistics for e-commerce, as well as air and sea freight. He did not wish to share his name.
“Higher tariffs raise costs for freight forwarders like us, as well as for factories, companies, and sellers. It just means everyone earns less.”