‘No winners’: China’s Xi warns US against a trade war
CNN
Chinese leader Xi Jinping has warned the United States against restarting a trade war, saying there would be “no winners” even as he vowed to defend the country’s economic interests.
Chinese leader Xi Jinping has warned the United States against restarting a trade war, saying there would be “no winners” even as he vowed to defend the country’s economic interests. Xi made the remarks on Tuesday during a meeting with the heads of several global financial institutions, including the World Bank and International Monetary Fund, a day after Chinese regulators announced an antitrust investigation into American chip maker Nvidia. The probe is widely seen as a major escalation in a growing battle for AI dominance, which both Washington and Beijing believe is crucial to safeguarding national security, even before Donald Trump returns to the White House. “Tariff wars, trade wars, and technology wars go against the historical trend and economic laws, and there will be no winners,” Xi said according to state broadcaster CCTV. “Building ‘small courtyards with high walls’ and ‘decoupling and breaking chains’ will hurt others and not benefit oneself. China has always believed that only when China is good can the world be good. Only when the world is good can China be better,” he added. US National Security Advisor Jake Sullivan has used the “small yard and high fence” phrase to describe a strategy of allowing most trade with China to progress normally while placing restrictions on some goods, particularly high-tech products like semiconductors, deemed to have military applications.
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