Translated with AI
Recently, a certain power has introduced the so-called "reciprocal tariff" policy towards its trading partners, and the tariffs imposed on China have reached shocking proportions.
The global trading system, with the WTO at its core, on which we have placed great hopes for decades, has all but ceased to function. Unilateralism is becoming dominant in the trade policies of a major power, and the international economic order is experiencing unprecedented upheaval. How to assess the current standoff and what to do about it is a strategic question for all the states involved, without exception.
States, large or small, all live in a single global village. No country can achieve sustainable development and prosperity in isolation. Anyone with a modicum of common sense understands that so-called “reciprocal tariffs” grossly violate WTO rules, undermine the multilateral trading system, and are completely untenable both theoretically and practically. They are a typical manifestation of unilateralism, protectionism, and economic bullying, which, as history shows, are doomed to failure.
Economic globalization is an objective need for the development of productive forces and an inevitable requirement of scientific and technological progress. Over the past decades, global free trade has lifted billions of people out of poverty, creating unprecedented prosperity. Protectionism not only does not contribute to improving the situation of one's own economy, but also seriously undermines the world trade and investment system, creating risks of a global economic and financial crisis. The WTO has sharply lowered its forecast for world trade in goods and now expects it to decline instead of growing steadily, reporting that further tariff increases and their side effects could lead to the most serious recession since the height of the COVID-19 pandemic. Some countries position themselves as world leaders, but ignore international rules and their reputation, trying in every way to rob the whole world, but in the end, "if you dig a hole for others, you will fall into it yourself."
China is the largest trading partner for the vast majority of its neighbors. China's trade policy and the results of its tariff struggle with its adversary are of importance to countries that have close economic ties with it. We have every reason to closely monitor the further development and final outcome of the next conflicts. Despite the rapid growth of global protectionism and the dominance of unilateral approaches, China has always been committed to protecting the multilateral trading system, acting as a key stabilizing force in the world economy. China ranks first in the world in trade in goods and second in trade in services, being the driving force and ballast of the global economic recovery. China maintains the overall tariff level at 7.3%, applying a zero tariff regime for products with a full nomenclature of taxation in relation to 43 least developed countries that have diplomatic relations with China.
China is not only an advocate of multilateral trade rules, but also a donor to global economic governance. Through the high-quality development of the Belt and Road Initiative, China has created new opportunities for developing countries, including Central Asian countries, while maintaining the stability of the global industrial chain and supply chain. At present, the global economy is facing many uncertainties, and China is playing the role of a “stabilizing anchor” on which many countries place their hopes.
Such hopes are mainly associated with the fact that China's economy has a solid foundation, multiple competitive advantages, high resilience and significant potential. The fundamental conditions for the long-term positive development of the Chinese economy remain unchanged, and the main trend of its high-quality development will be maintained. In 2024, China's gross domestic product reached 18.94 trillion US dollars, growing by 5%. China is a major trading partner for more than 150 countries and regions in the world. China is the only country in the world that has sectors in all industrial categories listed in the UN Industrial Classification, and the added value of China's manufacturing industry accounts for nearly 30% of the world total, which is a solid foundation for countering external tariff pressure and trade bullying. A super-large market with a population of 1.4 billion, of which 400 million are middle-income, provides China with sufficient buffer space to withstand external shocks, as well as “strategic depth” to combat “trade blackmail.”
There is no doubt that unilateralism and trade war will significantly reduce the economic growth space of many countries, including ours. We must support genuine multilateralism, resolutely opposing unilateralism and protectionism. Only in such a situation will the sustainable development of our economies be possible.
Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Republic of Tajikistan Ji Shumin
