China wants trade cooperation, says trade war benefit no nation

The Consul General of the People’s Republic of China in Lagos, Yan Yuqing, has called for trade cooperation among nations, saying that trade war benefits no nation.

Yuqing in a statement issued on Monday in Lagos, saying that United States had frequently reversed the course of globalization under the pretexts of trade imbalance and national security, imposing tariffs on multiple countries.

She added that most recently, the United States has once again willfully imposed tariffs on all its trading partners, including China, under various pretexts, adding that Trump’s
actions severely infringe upon the legitimate rights and interests of all countries.

He said the Trump’s policy violates World Trade Organisation (WTO) rules, severely undermines the rules-based multilateral trading system, disrupting the global economic order.

The Consul General noted that the Chinese government strongly condemns and resolutely opposes such move.

The Consul General explained that unilateral tariff hikes undermine the multilateral trading system and that shifting blame cannot solve domestic problems.

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Yuqing added, “By taking such actions, the United States defies the fundamental laws of economics and market principles, disregards the balanced outcomes achieved through multilateral trade negotiations, ignores the fact that the U.S. has long benefited substantially from international trade, and weaponises tariffs to exert maximum pressure for selfish interests.

“This is a typical act of unilateralism, protectionism and economic bullying. Under the guise of “reciprocity” and “fairness,” the United States is playing a zero-sum game, pursuing in essence ‘America First’ and ‘American exceptionalism’.

” It attempts to exploit tariffs to subvert the existing international economic and trade order, put United States interests above the common good of the international community, and advance the US hegemonic ambitions at the cost of the legitimate interests of all countries. Such actions will inevitably face widespread opposition from the international community.

She stated further, ” Development is an inalienable right of all countries, not the exclusive privilege of a few. International affairs should be addressed through consultation, and the future of the world should be decided by all countries.

“All countries should uphold the principles of extensive consultation, joint contribution and shared benefit. They should practise true multilateralism, jointly oppose all forms of unilateralism and protectionism, and defend the U.N.-centered international system and the WTO-centered multilateral trading system.

“China and Africa are Pillars in Upholding the legitimate rights of developing countries and safe guarding multilateralism and international fairness and justice.

“ China stands ready to work hand in hand with Africa under the frameworks of the Belt and Road Initiative, the Forum on China-Africa Cooperation (FOCAC), BRICS, and other bilateral and multilateral mechanisms.

“Together, we will actively participate in the reform and development of the global economic governance system, firmly oppose unilateralism and economic bullying, and jointly defend the multilateral trading system.

“We are committed to upholding a fair and free trade environment, expanding the shared interests of the Global South, and injecting greater certainty and positive momentum into global economic stability and growth.

“ China and Africa will continue to advance economic globalization toward a direction that is more open, inclusive, balanced, and beneficial to all”.