China pledges to import more goods before being struck with Donald Trump’s tariffs
China’s Vice President has announced plans for the country to increase its imports of goods, ahead of the potential tariff hikes mentioned by Donald Trump on his first day in the White House.
Speaking at the World Economic Forum in Davos, Switzerland, Ding Xuexiang stated that China would import more goods to become more "competitive." He did not directly address Donald Trump’s threats of increased tariffs.
"We don’t seek trade surplus. We want to import more competitive, quality products and services to promote balanced trade," Ding Xuexiang said on Tuesday.
This announcement comes as Donald Trump has threatened to impose a 25% tariff on goods from Canada and Mexico starting February 1.
Despite this, the U.S. president has extended a lifeline to China by granting an additional three months for TikTok to transfer its U.S. operations to an American company or face a permanent ban.
(QG - Source: Bloomberg / Picture: © Unsplash)