According to the US think-tank Council on Foreign Relations, China is becoming less dependent on trade with the US, which will soften the shock of an additional 10% US tariff on Chinese exports.
China has increased its trade volume with other partners, with the US dropping to third place with $688 billion in 2024, after ASEAN with $982 billion and the EU with $786 billion. The country's exports to the US account for only 15 % of its total exports.
China is also gradually reducing the importance of trade to its economy as the country has expanded domestic demand. Consumption is the main driver of the country's economic growth. Final consumption expenditure contributed 44.5 % to the country's overall GDP growth in 2024 and 82.5 % in 2023.
China fights trade bullying
A few days ago, the U.S. side announced the imposition of 10% tariff on Chinese exports to the U.S. based on fentanyl, and China immediately announced that it would take necessary countermeasures to protect its legitimate rights and interests. China has filed a lawsuit before the World Trade Organization (WTO). In the opinion of international public opinion, China's response is in line with international law and WTO rules, which not only reflects a determination to defend legitimate rights and interests, but also respects the authority of the WTO, which is important for the preservation of the multilateral trading system.
The facts of the last few years show that the costs of the tariff war against China are ultimately borne by the United States alone. According to estimates by an American think tank, the 2018 trade war has caused additional costs of more than USD 40 billion to US consumers and the loss of 245 000 jobs. After the U.S. applied trade bullying and a blockade on China, not only was it unable to achieve a manufacturing comeback or reduce the trade deficit, but it also lost important foreign markets, lost credibility, faced inflationary problems, and increased costs to the supply chain system.
That is why international leaders, including European leaders, have warned that starting a new tariff war is "stupid". European Commission President Ursula von der Leyen said high tariffs would raise trade costs, harm workers and consumers, create economic chaos and increase inflation. She sees no benefit from this. A poll conducted by Reuters after the US leader took office showed that a majority of Americans oppose the introduction of new tariff measures.
Mutual benefits are at the heart of the economic and trade relationship between China and the US. In the face of US trade bullying, China's response is a necessary means of breaking the logic of 'America First' and stopping the spread of unilateralism, both in the fight for its right to development and in the fight to preserve the multilateral trading system and international justice. The US side should base itself on the happiness of the people, rationally grasp the essence of Sino-US trade, correct bad practices as soon as possible, and promote the stability, sound and sustainable development of bilateral relations. Otherwise, the reality will once again become apparent: trade wars, tariff wars have no winners.
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