Africa-Press – Ghana. China has rallied countries to “firmly oppose” the sweeping tariffs imposed by US President Donald Trump to protect the global economic order and avoid crisis.
The Asian country, which is the world’s second-largest economy, said the ongoing trade wars instigated by the US would not benefit any country but rather create economic difficulties at the expense of the vulnerable.
Addressing a press conference in Accra on Wednesday, Mr Tong Defa, the Chinese Ambassador to Ghana, described the US tariffs as unfair and “an act of economic bullying.”
He said China was willing to come to the discussion table and resolve the issues amicably but would take resolute measures to safeguard the country’s sovereignty.
Mr Tong said with US accounting for about 13-14 per cent of global trade, all other countries had the power to unite and stand against its tariffs in the interest of protecting livelihoods and maintaining global fiscal stability.
“There are no winners in trade or tariff wars. Protectionism is a direct end. All countries should uphold the principles of extensive consultation, joint contribution, and shared benefit,” he said.
“Economic bullying that shifts risks onto others will ultimately backfire. Making economic globalisation more open, inclusive, balanced, and beneficial to all is the shared responsibility of the international community,” Mr Tong said.
“China believes development is an inalienable right of all countries.”
On April 2, US President Donald Trump imposed sweeping export tariffs on over 180 countries, citing a national emergency caused by foreign trade and economic practices.
Some countries, including China, that were among the most affected have since announced retaliatory tariff hikes on US imported products.
Analysts have warned that the tariffs – 145 per cent on Chinese products and 125 per cent on U.S. products – had the potential to severely disrupt the global economic order if the trade war between the two largest economies did not de-escalate.
The International Monetary Fund has warned that global public debt would rise by 2.8 percentage points of gross domestic product (GDP) this year, pushing the total debt-to-GDP ratio above 95 per cent.
Mr Tong said China was committed to opening ever wider to the world, irrespective of changes in international trade.
“We will steadily expand institutional opening-up in rules, regulations, management, and standards.”
“We will implement high-standard policies for trading, investment, liberalisation, and facilitation.”
“We will foster a first-class market-oriented, law-based, and internationalised business environment,” he said.
In the case of Ghana and Africa at large, China assured to continuously deepen her development cooperation with the continent and support Africa to be economically independent.
Ambassador Tong said China supported the unification of the African continent, adding that “we love to see Africa as a potential superpower.”
He encouraged Chinese companies to set up factories in Ghana and contribute to the country’s industrialisation agenda and create jobs.
“We align with Ghana’s 24-Hour Economy, Feed Ghana Programme…We will support Ghana to achieve agriculture modernisation and industrialisation,” he said.
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