Mon. Nov 23rd, 2020

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China ain’t disassociating to cut tariffs

1 min read

President Xi Jinping

Chinese President Xi Jinping signaled Thursday the world’s second largest economy will continue to work with other countries, including the U.S.

Trade tensions between China and the U.S. have escalated in the last two years. While the two countries reached a “phase one” trade agreement in January, their differences have spilled over into the technology and finance space, creating concerns of the two countries “decoupling.”

The term refers to a separation, rather than integration, of the world’s two largest economies in areas ranging from trade to technology.

“We will definitely not go down a path of historical reversal, will not seek to ‘decouple’ or create closed and exclusive ‘small circles,’“ Xi said Thursday, according to a CNBC translation of his remarks published in Chinese state media. He was speaking via video at the Asia-Pacific Economic Cooperation CEO Dialogues, a virtual gathering of government and business leaders.

Xi also said China would cut tariffs and sign more free trade agreements, according to state media. He did not specifically mention the U.S. by name.

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