China talks about cooperation after Trump's election

Speaking at a banquet held by the US-China Business Council in Shanghai on November 7, Mr. Xie Feng emphasized that “no one is a winner” in the wars over tariffs, trade or science and technology.

The Chinese ambassador to the US said that the differences between the two countries should be a driving force for exchanges and mutual learning, rather than an “excuse for rejection and confrontation”. He also affirmed that each country’s successes are opportunities for the other to develop further.

Ambassador Ta also reminded that many American companies are operating in China, of which about 60% of McDonald's new stores opened in the past year were in China.

Shanghai is currently the only city in the world world There are more than 1.000 Starbucks coffee shops.

“The more success stories of win-win cooperation, the better for both countries,” he stressed. “China and the United States can jointly achieve great things through cooperation, and the list of cooperation should be extended.”

Mr. Ta Phong did not directly mention the election or President-elect Donald Trump, who imposed billions of dollars in tariffs on Chinese goods before the two countries agreed to reconcile in January 1.

With Mr. Trump returning to the White House, there are many concerns that the US and China will have a new confrontation in many areas.

Meanwhile, China's economy is facing many challenges after growth slowed to 6% in 2019, the weakest in nearly 30 years, due to the impact of the trade war with the US.

China is targeting modest growth of around 2024% in 5, which would put it at a disadvantage if trade tensions flare up again after Trump takes office in January 1.

During his election campaign, Mr. Trump pledged to impose a 60% tariff on imports from China, much higher than the 7,5-25% tariff during his first term.

Analysts say China will be ready to respond if a new trade war breaks out. “Even if US-China relations suddenly warm up, Beijing will still prioritize economic autonomy and security,” said Joe Mazur, senior analyst at Trivium China, a Beijing-based consultancy.

“If higher tariffs are imposed, we will see a strong retaliation from China. Beijing may decide that a soft stance does not bring any benefits, and a strong response may make the US reconsider its economic pressure on China,” Mr. Mazur said.

“We estimate that even if US tariffs on Chinese goods were to increase to 60%, the direct impact on China’s GDP would be less than 1%,” said Julian Evans-Pritchard, head of China economics at independent research firm Capital Economics.