Xi rebuffs Trump's threat of tariffs

GEARING UP FOR Trump 2.0 era, Chinese President Xi Jinping on Tuesday cautioned there will be no winner in a tariff or tech wars between China and the US and vowed that Beijing would firmly safeguard its interests.

- PRESS TRUST OF INDIA

Iffs drove exports higher in November, while imports unexpectedly fell in another sign of continued weakness in the domestic economy. Exports rose almost 7% to $312 billion in November from a year earlier, the customs administration said on Tuesday.

Shipments to the US hit their highest level since September 2022, while exports to Southeast Asia surged to a record, likely as Chinese firms aimed to have goods processed there and then shipped to the US before January 20, when Donald Trump returns to the White House.

Exports are also benefiting from Chinese companies turning to overseas markets to make up for weak domestic demand. While their strong sales have been a bright spot for the economy, this has also led countries to raise or consider trade barriers against the influx of Chinese products.

"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 (WB), International Monetary Fund (IMF)