Phnom Penh - Saba:
Chinese President Xi Jinping, during his meeting with Cambodian Senate President Hun Sen in Phnom Penh, emphasized that trade wars undermine the multilateral trading system and destroy the global economic system.
"Trade wars undermine the multilateral trading system and destroy the global economic order," Xi Jinping said, according to China Central Television (CCTV) on Thursday.
"Unilateralism and hegemony are not supported, and no country wants to return to isolation," the Chinese president said.
On April 2, US President Donald Trump signed a decree imposing "reciprocal" tariffs on imports from other countries.
As of April 9, higher rates went into effect for 57 countries, calculated based on the U.S. trade deficit with each country, with the goal of bringing the deficit into balance, as Trump indicated.
After a series of steps in the trade war, the US' additional "reciprocal" tariffs on Chinese goods amounted to 125%, and China imposed similar tariffs of 125% on US goods.
In addition, the U.S. has an additional 20% tariff on China that was imposed over accusations of not adequately combating synthetic narcotics.
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