Jamie Spencer
China remains steadfast in its ability to withstand external economic shocks and maintain robust economic growth, according to Vice Commerce Minister Wang Shouwen. Speaking at a press conference on Friday, Wang emphasized the country’s resilience, highlighting its commitment to a stable and mutually beneficial trade relationship with the United States despite the potential imposition of steep tariffs.
Resilience in the Face of Challenges
Wang underscored China’s economic resilience, potential, and vitality, asserting that the country is well-prepared to handle external pressures such as the U.S.’s proposed 60% tariffs on Chinese imports. He pointed to China’s “dual circulation” development strategy, which prioritizes the domestic market while reinforcing connections with global markets, as a key mechanism to mitigate external shocks.
“China is capable of resolving and withstanding the impact of external shocks,” Wang stated, reiterating the country’s economic strength.
The Economic Reality of Tariffs
Addressing the potential tariff increases, Wang noted that history has shown tariffs do not resolve trade deficits. Instead, they burden consumers and businesses in the importing country. “Tariffs are ultimately paid for by consumers and end-users, leading to higher prices and inflation,” he explained.
Wang’s remarks emphasized that escalating tariffs would only raise costs for U.S. consumers and businesses, further complicating economic recovery and stability.
Mutual Benefits of Stable Trade Relations
China and the U.S., as the world’s two largest economies, have deeply complementary economic structures. Wang stressed that a stable, healthy, and sustainable trade relationship between the two nations benefits not only their citizens but also the global economy.
“We believe that maintaining a stable development trend in China-U.S. economic and trade relations will benefit both the Chinese people and the American people, as well as the people of all countries in the world,” Wang said. This sentiment reflects the expectations of the international community for collaboration between the two economic powerhouses.
China’s Commitment to Dialogue and Sovereignty
Wang expressed China’s willingness to engage in constructive dialogue with the U.S. based on principles of mutual respect, peaceful coexistence, and win-win cooperation. This approach aims to expand cooperation, address differences, and promote stability in bilateral trade relations.
At the same time, Wang emphasized that China will firmly safeguard its sovereignty, security, and developmental interests, signaling a balanced approach to diplomacy and national priorities.
China’s response to potential U.S. tariffs reflects its confidence in its economic strategy and its commitment to fostering stable global trade. By focusing on domestic economic growth while maintaining open channels for international dialogue, China aims to navigate external pressures while advocating for mutually beneficial trade relations. As tensions continue, the world watches to see how these two economic giants will shape the future of global trade.
