Chinese President Xi Jinping's recent statements highlight the risks associated with trade wars, as they purportedly jeopardize the interests of all countries involved and the global economic framework. Xi emphasized the need for multilateral cooperation, particularly with Azerbaijan, to safeguard international order and rules. Concurrently, the stagnant trade relationship between China and the U.S., characterized by punitive tariffs from both sides, fuels concerns of a global economic downturn as reflected in the IMF's revised growth projections. Yet, there is a sense of optimism from U.S. officials about a potential resolution to the trade tensions.
Xi warned that the trade wars undermine the legitimate rights of all countries, and harm the multilateral trading system, impacting the global economic order.
Despite the ongoing trade war, Xi expressed China's willingness to collaborate with Azerbaijan to protect the international system anchored on the United Nations and international law.
US Treasury Secretary Scott Bessent noted the unsustainable nature of the trade war with China, indicating an expectation for both sides to reach a trade deal eventually.
Trump acknowledged the high tariff on Chinese goods, suggesting that claims about tariffs would decrease substantially over time, signaling potential progress in negotiations.
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