China slams 'selfish' trade wars over tariffs

China’s Foreign Minister Wang Yi criticized the imposition of tariffs by unnamed countries.

He referred to them as acts of “extreme selfishness” and “unjustified trade wars.”

He made these remarks during a meeting with Uzbek Foreign Minister Bakhtiyor Saidov on April 25 in Almaty, Kazakhstan.

China emphasized that the trade war was initiated by the US and called for the complete removal of unilateral tariffs as a prerequisite for resolving the matter through dialogue.

🔗 Source: Agence France-Presse

🧠 Food for thought

1️⃣ Historical trade wars rarely produce clear winners

Throughout U.S. history, protectionist trade measures have consistently created unintended consequences that harm both sides.

The 1930 Smoot-Hawley Act, which significantly raised tariffs on imports, led to a 61% drop in U.S. exports by 1933 and is widely viewed by economists as having worsened the Great Depression1.

More recently, when President Bush imposed steel tariffs of 8-30% in 2002, the result was both retaliatory tariffs from the EU and an estimated 200,000 job losses in steel-using industries, exceeding the total number of steelworkers in America at that time2.

These historical precedents suggest Wang Yi’s warning about “undermining credibility” has merit, as trade conflicts typically damage economic relationships while failing to achieve their stated goals.

Even during the 1980s U.S.-Japan trade tensions, when America doubled import prices on Japanese electronics, the U.S. trade deficit with Japan continued to grow despite the aggressive measures2.

2️⃣ Trade wars combine economic and political calculations

Wang Yi’s statement reflects how trade disputes rarely focus solely on economic considerations but are intertwined with broader political objectives.

Historical analysis shows that U.S.-Japan trade tensions from the 1950s-1990s were driven not just by trade deficits but also by concerns about maintaining military and technological hegemony3.

This complex interplay between economics and politics helps explain the current communication breakdown, where President Trump claims to have received a call from Xi Jinping while Chinese officials flatly deny any consultations have taken place.