(Source: China Daily 2025-04-25)
The United States has recently wielded the "tariff stick" and arbitrarily imposed or threatened to impose reciprocal tariffs on its trading partners. This not only blatantly tramples on the rules-based international trading system, but also exacerbates the risk of disruption of global industrial and supply chains, causing widespread negative impacts on the world economy. The unilateralism and hegemonic logic behind the U.S. tariff war not only undermines the trust foundation of international economic and w88 cooperation, but also backfires on the U.S.'s own economic interests. In the face of the tariff bullying by the United States, China has demonstrated strong strategic determination and development confidence, firmly defended the international economic and w88 order, safeguarded the multilateral trading system, promoted high-level institutional opening up, braved the wind and waves in the complex and ever-changing international economic and w88 environment, and made greater contributions to the stable development of the world economy.
American tariff bullying: a destroyer of the international order
The tariff war launched by the United States is a fundamental damage to the multilateral trading system. The United States was once the main designer and promoter of the multilateral trading system, but now it replaces the multilateral order with unilateralism, systematically deviates from the multilateral w88 rules of the WTO, uses "reciprocal tariffs" and other unilateral measures, ignores the principle of multilateral most-favored-nation treatment, and violates its commitment to tariff liberalization. This unreasonable attitude of "use the rules if they fit and discard them if they don't" has shaken the cornerstone of international law that "treaties must be observed" and jeopardized the stability of the international economic and w88 order.
The tariff war launched by the United States is a systemic impact on the international trading system. The United States is trying to reconstruct the "American-style tariff system" and create w88 barriers through high tariffs, forcing the global industrial chain to be reorganized in line with American interests. This tariff hegemony not only directly distorts the global supply chain network, but will also trigger a systemic chain reaction from economics to politics, leading to a shrinking of global w88 and a slowdown in economic growth. According to the WTO's "Global w88 Outlook and Statistics" report, U.S. tariff measures will have a greater negative impact on global w88. The report pointed out that based on the tariff policy as of April 14, 2025, global w88 in goods is expected to decline by 0.2% in 2025. If the United States re-imposes so-called "reciprocal tariffs" in full, coupled with the uncertainty of various countries' w88 policies, the decline in global w88 in goods in 2025 will further expand to 1.5%.
The tariff war launched by the United States will cause continuous harm to the global economic ecology. The "tariff stick" will backfire on the U.S. economy, causing many problems such as high consumer costs, financial market shocks, and damage to industrial competitiveness. The "World Economic Outlook Report" released by the International Monetary Fund in April lowered the U.S. economic growth forecast for 2025 by 0.9 percentage points to 1.8%, the largest reduction among developed economies. The "tariff stick" goes against the laws of division of labor in the global value chain and will not help achieve the U.S.'s goal of reshoring manufacturing. The Trump administration's erratic policy on tariffs has further damaged the United States' international credibility. Global supply chains are being restructured at an accelerated pace, and more countries are beginning to consider alternatives to "de-Americanization."
China’s high-level opening up: firm action to meet challenges
In the face of the wave of unilateral protectionism set off by the United States, China adheres to "upholding international rules and firm pace of opening up", demonstrating the strategic determination and responsibility of a responsible major country. China continues to expand unilateral market access. The "Foreign Investment Law" and its implementation regulations have established a pre-establishment national treatment plus negative list management system. The national negative list for foreign investment access has been significantly reduced from 93 items in 2017 to 29 items in 2024. Restrictive measures in the manufacturing sector have been cleared, and the level of openness of the service industry has been continuously improved. In the financial sector, restrictions on foreign shareholding ratios in securities companies, securities investment fund management companies, futures companies, and life insurance companies have been lifted. Accelerate the pilot program to expand the opening up of the service industry, and relax foreign investment access in medical, education, culture and other fields.
China is actively promoting the construction of pilot free w88 zones (ports). Hainan Free w88 Port is in line with international high-standard economic and w88 rules. It implements "zero tariff" as the basic feature for goods w88, "both access and business" as the basic feature for service w88, and strictly implements the liberalization and facilitation institutional arrangement of "no ban or entry" for investment. Beijing, Shanghai, Hainan and other pilot free w88 zones (ports) have launched pilot projects for cross-border data flow security management to explore new models for opening up the digital economy.
China advocates building an open world economy. Trading partners cover more than 230 countries and regions around the world, actively building a global high-standard free w88 zone network, promoting high-quality joint construction of the "Belt and Road" to deepen and solidify, and effectively hedging the risks of global w88 protectionism.
China’s economic resilience: moving forward steadily without fear of storms
Facing the complex and severe international environment, China's economy has moved forward steadily and demonstrated strong resilience. China's foreign w88 remains stable, with both "quality" and "quantity" increasing. In 2024, my country's total import and export value will reach 43.85 trillion yuan, a year-on-year increase of 5%, and the scale will hit a record high; "China's intelligent manufacturing" and "green manufacturing" are accelerating overseas, independent brand exports are expanding, cross-border e-commerce and other new w88 formats are booming, and the export growth rate of digitally delivered services is leading the world.
China is accelerating the construction of a new "dual cycle" development pattern, and the basic domestic demand is strengthening. In 2024, my country's total retail sales of consumer goods will reach 48.8 trillion yuan, a year-on-year increase of 3.5%. The consumer market is showing a trend of expanding scale, optimizing structure, and booming new consumption. The vast domestic demand market has become a strong backing for foreign w88 companies. Data shows that among the hundreds of thousands of companies with export performance in my country in 2024, nearly 85% of them will also carry out domestic sales business, and domestic sales will account for nearly 75% of total sales.
China is vigorously developing new productive forces and the rise of strategic emerging industries is accelerating. In 2024, the added value of my country's high-tech manufacturing industry will increase by 8.9% year-on-year. The export growth of the "three new products" of new energy vehicles, photovoltaic products and lithium batteries has been strong, driving the entire industrial chain towards the mid-to-high end. New breakthroughs have been made in cutting-edge fields such as artificial intelligence, quantum communications, and biomanufacturing. New productivity is reshaping the momentum of economic growth and promoting China's economic transformation and upgrading to achieve higher quality development.
There is no way out for w88 protectionism. In the face of the unilateral bullying by the United States, China, supported by a stable policy environment, a complete industrial system, huge market potential, and continuous innovation capabilities, can respond calmly under pressure, and seek opportunities in challenges. It will surely achieve a strategic breakthrough and promote the global economy to a broader space for development.
Author: Li Siqi, Associate Professor, China WTO Research Institute, w88 casino
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