China Advocates Multilateral Cooperation Amid US Tariff Policies

On Thursday, China's Commerce Minister Wang Wentao held discussions via video calls with Majid bin Abdullah Al-Qasabi, Saudi Arabia's Minister of Commerce, and Parks Tau, South Africa's Minister of Trade, Industry, and Competition, who is currently holding the G20 Presidency. According to statements from the Ministry of Commerce (MOFCOM), the meetings were geared towards reinforcing regional and multilateral cooperation, particularly in the context of responding to the turbulence caused by the US's imposition of unilateral tariffs. This approach signifies China's dedication to multilateralism, which Chinese analysts believe will provide a sense of certainty in global economic interactions, starkly contrasting with the US's perceived irresponsible policies.

In the discussions with the Saudi minister, Wang and Al-Qasabi exchanged insights on addressing the US's so-called "reciprocal tariffs" and the importance of enhancing trade relations not only between China and Saudi Arabia but also within the Gulf Cooperation Council. They also focused on the need to uphold the multilateral trading system, emphasizing the role of the World Trade Organization (WTO). In talks with South Africa's Minister Tau, similar themes emerged as they explored strategies to strengthen economic cooperation and utilized multilateral forums like the G20 and BRICS for collaborative efforts.

Furthermore, Wang held a separate video meeting with Tengku Zafrul Abdul Aziz, Malaysia's Minister of Investment, Trade, and Industry, as Malaysia leads ASEAN's rotating chair. During this session, he expressed China's intent to bolster communication and resolve mutual concerns through dialogue with its trading partners. Concurrently, at the WTO's first annual meeting of the Council for Trade in Goods, China criticized the "robber" rationale behind US tariffs, reaffirming its commitment to the multilateral trading framework centered on the WTO.

Analysts note that China’s proactive stance in fostering economic ties with diverse nations sends a signal of stability amidst the challenges posed by US tariffs. This sentiment is echoed by scholars who regard China's advocacy for multilateral cooperation as essential for global economic confidence in the face of US protectionist measures. Subsequently, concerns were raised by other countries, particularly ASEAN, regarding the potential destabilizing effects of US tariffs on the global economy and supply chains. Notably, South African President Cyril Ramaphosa similarly called for support of a robust multilateral trading system during a virtual commemoration of the WTO’s 30th anniversary. Observers emphasize that fostering multilateralism is crucial for future development and that all nations must collaboratively uphold the principles of equality and reciprocity to counteract the divisive nature of US tariff policies.