Xi Jinping condemns 'bullying' and 'hegemonism' after US-China tariff truce
What's the story
In his first public address after a temporary tariff truce in the US-China trade war, Chinese President Xi Jinping denounced "bullying" and "hegemonism."
Speaking to Latin American and Caribbean officials, including the presidents of Brazil, Colombia, and Chile, in Beijing on Tuesday, Xi said the world needed to unite during unprecedented changes.
"There are no winners in tariff wars or trade wars. Bullying or hegemonism only leads to self-isolation," he said.
Trade agreement
Truce brings relief to global markets
The US and China on Monday announced a substantial cut of tariffs on each other's goods for an initial 90-day period, a major breakthrough in their ongoing trade war.
The White House has welcomed this respite as a victory for the US and a display of President Donald Trump's "unparalleled expertise in securing deals that benefit the American people."
Chinese commentators, meanwhile, see it as "a huge victory" for China, vindicating Beijing's firm stance during negotiations.
Diplomatic efforts
Xi Jinping reaffirms China's stance on global trade
Despite the trade truce, Xi reaffirmed China's commitment to standing firm against US pressure and promoting global trade.
He pledged to strengthen "solidarity" with Latin America and the Caribbean, which Trump has tried to bring closer into Washington's sphere of influence.
Last year, trade between China and the region crossed the $500 billion mark for the first time, he added.
Global cooperation
Xi Jinping urges unity with Latin American and Caribbean partners
Xi also promised 66 billion yuan ($9.2 billion) worth of credit lines to CELAC countries for their development during his address.
This is part of broader efforts to promote the Chinese currency in such regions.
"In the face of seething undercurrents of geopolitical and bloc confrontation, and the surging tide of unilateralism and protectionism, China stands ready to join hands with our Latin American and Caribbean partners," he said.
Revised tariffs
Chinese media hail agreement
Chinese state media have portrayed the reduction in tariffs as a mutual decision, highlighting that both sides are suspending the 24% "reciprocal tariffs" for 90 days and removing the 91% additional tariffs that were mutually imposed during the rapid escalation of retaliatory measures in April.
According to the agreement, Trump's "reciprocal" tariff on China is now set at 10%, which is the same rate applied to the United Kingdom, a close American ally.
Remaining tariff
Truce not fully implemented
However, Trump's 20% fentanyl-related tariffs on China will remain, as will China's countermeasures against the US for those tariffs.
Additionally, starting May 14, the US will reduce its "de minimis" tariff on small packages from China from 120% to 54%, while keeping the $100 flat fee option, according to a White House executive order issued on Monday.