Xi Jinping warns ‘no winners’ in US trade war, vows China will protect its interests

Chinese President Xi Jinping has warned there will be no winner in a tariff or tech war between China and the US and vowed that Beijing would firmly safeguard its interests.

The comments came after US president-elect Donald Trump told US broadcaster NBC on Friday that he and Xi “have been communicating with each other … since three days ago”. Trump also said Beijing could play a role in ending the Ukraine war.

The Chinese side did not confirm or deny whether the communication took place. It would be the first known conversation between the two since Trump’s decisive victory in the presidential election last month.

“Tariff wars, trade wars and technology wars run counter to historical trends and economic laws, and there will be no winners,” Xi said while meeting the heads of 10 major international organisations, including the World Bank, International Monetary Fund and World Trade Organization, at the Great Hall of the People in Beijing on Tuesday.

During the meeting, Xi stressed China’s principles for engaging with the US, according to state news agency Xinhua.

“China will always insist on focusing on its own affairs and resolutely safeguard its sovereignty, security and development interests. Meanwhile, China’s determination to promote high-level opening up will not change,” he said.