2025-05-13T05:43:00Z

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In a significant address on Tuesday, Chinese President Xi Jinping voiced strong criticisms against what he described as “bullying” and “hegemonism.” This statement marks his first public comments following a temporary ceasefire over tariffs in the ongoing trade dispute between the United States and China.

During his speech at a summit in Beijing attended by officials from Latin America and the Caribbean, including the presidents of Brazil, Colombia, and Chile, Xi emphasized that the world is undergoing “great changes unseen in a century.” He argued that these transformations have made it increasingly crucial for nations to unite and cooperate with one another. “There are no winners in tariff wars or trade wars. Bullying or hegemonism only leads to self-isolation,” he stated, reinforcing a message he has consistently delivered throughout the contentious trade negotiations with U.S. President Donald Trump.

This speech comes on the heels of a surprising announcement that the United States and China have agreed to significantly reduce tariffs on each other’s goods for an initial period of 90 days. This breakthrough has helped to de-escalate what has been an intensive trade conflict, providing a much-needed boost to global markets.

The White House has hailed this suspension of tariffs as an accomplishment for the United States, showcasing President Trump’s “unparalleled expertise in securing deals that benefit the American people.” In contrast, Chinese state-run media and commentators are framing the truce as a tremendous victory for China, interpreting it as a validation of Beijing’s tough negotiating stance.

“This shows that China’s firm countermeasures and resolute stance have been highly effective,” a social media account affiliated with state broadcaster CCTV remarked on Weibo. The sentiment reflects a growing confidence among Chinese officials that their retaliatory measures have significantly influenced the U.S. decision to lower tariffs.

China’s response to Trump’s tariffs has been notably resilient, with the nation opting to retaliate by imposing tariffs on American goods rather than yielding to pressure. For an extended period, the tariffs imposed by Trump on Chinese imports soared to an alarming 145%, while China’s counter tariffs remained at 125%. This relentless tit-for-tat exchange had started to inflict economic distress on both countries.

Under the newly reached agreement, the U.S. will temporarily decrease its overall tariffs on Chinese products from 145% to 30%. Meanwhile, China will reduce its tariffs on American imports from 125% to 10%, as indicated in the joint statement released by both parties.

However, it’s worth noting that Trump’s additional 20% tariffs related to fentanyl on Chinese imports, implemented earlier this year, will remain in effect, as will China’s retaliatory measures responding to those tariffs. As part of this agreement, China has also committed to suspending or canceling its non-tariff countermeasures that were imposed since Trump’s announcement of “reciprocal tariffs” on April 2.

In his address, Xi maintained the narrative that China is ready to collaborate with other nations in the face of rising geopolitical tensions and protectionism. He reiterated China's commitment to solidifying relationships with Latin American and Caribbean nations—a region that President Trump has been actively seeking to bring closer to U.S. influence. Xi pointed out that trade between China and Latin America exceeded $500 billion for the first time last year, highlighting the region's growing importance to Chinese economic interests.

Speaking at the fourth ministerial meeting of the China-CELAC Forum—an initiative established in 2014 to bolster China’s standing in Latin America and challenge U.S. dominance—Xi stated, “China and Latin American and Caribbean countries are important members of the Global South. Independence and autonomy are our glorious tradition. Development and revitalization are our inherent right. And fairness and justness are our common pursuit.”

In a bid to strengthen ties further, Xi pledged to provide 66 billion yuan (approximately $9.2 billion) in credit lines to CELAC countries to aid their development efforts. This financing will be denominated in yuan, part of a broader strategy to enhance the use of the Chinese currency in the region.

China’s growing economic engagement with Latin America is evident, as the region remains one of Beijing’s top trading partners. Notably, last year, China emerged as the primary destination for Brazilian soybeans, accounting for over 73% of the country’s total soybean exports. This deepening economic relationship is indicative of China's strategic plans to expand its influence globally.

This is a developing story, and updates will follow as more information becomes available.