Vice Minister of Commerce Wang Shouwen mentioned that they are looking forward to an active dialogue with America to promote the development of bilateral economic and trade relations. Wang, who also serves as China’s International Trade Representative, stated that China is capable of “resolving and resisting” the effects of external shocks. This comment was made in response to a question regarding the potential tariffs from U.S. President-elect Donald Trump.
He stated, “We believe that China and the U.S. can maintain a stable, healthy, and sustainable development trend in economic and trade relations.” Moreover, Wang claimed that China is looking to expand areas of cooperation with the US.
This comes soon after the independent commission advising Congress on China recommended that the US government give newly elected President Donald Trump a free hand on tariffs against China and revoke the country’s trade privileges. The news has rattled Chinese manufacturers, who have already started migrating their manufacturing facilities to Southeast Asia and other regions.
According to Reuters, Chinese authorities are proactively seeking measures to boost foreign trade. The government has pledged to extend financial support to companies and expand agricultural exports. The trade disruptions during Trump’s first presidency also affected the Chinese yuan. Initially, the yuan surged by 10% over the first 18 months, but then it declined by about 12% following the imposition of tariffs and the onset of the pandemic.
