China wants to work with Australia to 'respond to the changes of the world' as Trump slaps Beijing with 125 per cent tariffs
China has made an offer to Australia in a bid to boost trade and growth between the two nations as the tit-for-tat tariff war continues with Donald Trump hitting Beijing with 125 per cent levies.
China has offered to "join hands" with Australia in the face of the escalating tariff war that has seen the United States hit Beijing with 125 per cent tariffs overnight.
President Donald Trump stunningly put a 90-day pause on "reciprocal" tariffs against dozens of nations, dropping the high levy for most countries to just 10 per cent.
But China was not spared as the tit-for-tat tariff war between Beijing and Washington heats up day by day, with 125 per cent tariffs on Chinese goods effective immediately.
Earlier this week trillions of dollars had been wiped off stock markets across the world following the "liberation day" announcement, but surged back up on Thursday.
With the relationship between President Trump and Chinese President Xi Jinping becoming unstable, Beijing is looking to other global partners to bolster relations.
Chinese Ambassador to Australia Xiao Qian said Beijing and Canberra must maintain their "open and cooperative" trade relationship amid the unpredictability of the US.
“Under the circumstances, China stands ready to join hands with Australia and the international community to jointly respond to the changes of the world," Mr Xiao said.
“In the meantime, China is also committed to working with Australia to implement the strategic consensus reached by the leaders of our two countries.”
In an opinion piece to the Sydney Morning Herald Mr Xiao also hit out at the US, saying "there is no winner in a trade or tariff war and protectionism leads nowhere".
"Against the backdrop of globalisation, countries around the world are closely intertwined by interests. Any unilateral measures would lead to far-reaching global repercussions and no country can stand to gain by harming others," he wrote.
"The US claims it has suffered losses in international trade and is using so-called “reciprocity” to justify raising tariffs on all its trading partners. This approach disregards the balance of interests achieved through years of multilateral trade negotiations and ignores the fact the US has long reaped substantial benefits from international trade."
Australia's two-way trade with China totalled $325 billion in 2023-24.
https://www.skynews.com.au/australia-news/china-wants-to-work-with-australia-to-respond-to-the-changes-of-the-world-as-trump-slaps-beijing-with-125-per-cent-tariffs/news-story/ba780e368e7c444eb0ea858ad6b07d47