Editorial
The latest round of tariffs announced by former US President Donald Trump has reignited global trade tensions, particularly between the US and China. On April 9, Trump temporarily stayed new tariffs for 90 days for all countries except China. In a fiery statement, he raised tariffs on Chinese goods to 125%, later hiking them to 145%, citing China’s alleged disregard for fair market practices.
Trump’s move echoed concerns raised during his first term, where US officials argued that China had failed to honor its World Trade Organization (WTO) commitments. However, critics point out that Trump’s strategy underestimated China’s rapid economic transformation. Since joining the WTO in 2001, China’s GDP has surged from $3 trillion to $19 trillion by 2024, while the US grew from $10.5 trillion to $29 trillion. China’s foreign direct investment also skyrocketed, bolstering its rise as a global powerhouse in sectors like electric vehicles and artificial intelligence.
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In response to US tariffs, China retaliated with its own 125% tariff on American imports and quietly tightened trade controls, signaling a hardened stance. Meanwhile, behind-the-scenes maneuvers, including China’s rumored moves to diversify away from US Treasury bonds, hint at deeper financial recalibrations.
Both nations have intensified efforts to undermine each other’s economic clout—China discreetly, the US overtly. Washington has also pressured financial institutions to cut ties with key Chinese firms and lobbied international bodies to curtail funding to China.
While diplomatic backchannels have reopened, the broader picture suggests a shifting global trade order. Whether or not a short-term deal is struck, the long-term trajectory points to a world increasingly defined by multipolar economic power struggles, with China and the US locked in a high-stakes contest for global influence.
