Chinese President Xi Jinping has urged the European Union to collaborate with China in opposing what he termed as U.S. “unilateral bullying,” following President Donald Trump’s significant increase in tariffs on Chinese goods to 145%. This escalation has intensified the trade war between the world’s two largest economies, leading to volatility in global markets, including declines in Asian equities, a weakening U.S. dollar, and a surge in gold prices.
During discussions with Spanish Prime Minister Pedro Sánchez, Xi emphasized the importance of China and Europe jointly resisting unilateral practices to protect their legitimate interests and uphold international fairness. While the EU temporarily suspended planned tariffs on U.S. goods, European Commission President Ursula von der Leyen indicated that the bloc remains prepared with a range of countermeasures should negotiations with the U.S. falter. This situation underscores the growing economic tensions and the potential for a realignment of global trade partnerships.