0:00
escalating trade war between the two
0:02
biggest economies in the world China and
0:04
the United States us may take a new
0:07
twist as the China leader xi Jinping on
0:10
Friday for the first time issued a
0:12
public statement in reaction to
0:14
President Donald Trump continuous
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issuance of apparently outrageous
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self-imposed tariffs on goods exported
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by other countries to the US with the
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president stating clearly to Trump that
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China is not afraid of US this is in
0:28
addition to Jinping earlier statement he
0:30
issued on November 5th 2018 during the
0:33
first tenure of President Donald Trump
0:35
that the Chinese economy is an ocean and
0:37
not a pond that China economy can
0:40
withstand strong winds and storms the
0:43
Chinese leader Xi Jinping stated this on
0:45
Friday when he attended a bilateral
0:47
meeting with Spanish Prime Minister
0:49
Pedro Sanchez at Dautai Guest House in
0:52
Beijing the Chinese President Xi Jinping
0:55
also urged the European Union on Friday
0:57
to join hands with Beijing in resisting
1:00
what he described as unilateral bullying
1:03
as reported by the Chinese state media
1:06
jinping said his nation is not afraid in
1:09
his first public comment on the
1:11
escalating trade war with the United
1:13
States that has tanked international
1:15
markets and fueled fears of a global
1:17
recession according to CNN there are no
1:20
winners in a trade war and going against
1:23
the world will only lead to
1:25
selfisolation she stated this before the
1:27
Spanish Prime Minister Pedro Sanchez in
1:30
Beijing on Friday according to state
1:33
CCTV for over 70 years China's
1:37
development has relied on self-reliance
1:39
and hard work never on handouts from
1:42
others and it is not afraid of any
1:44
unjust suppression she added regardless
1:47
of how the external environment changes
1:50
China will remain confident stay focused
1:53
and concentrate on managing its own
1:55
affairs well on November 5th 2018 at the
1:59
first China international trade import
2:01
and export meeting in Shanghai Jinping
2:04
while employing some sense of metaphor
2:06
had said that the Chinese economy is not
2:08
a pond but an ocean adding that with
2:11
unwavering confidence and resilience
2:13
China with its vast ocean can withstand
2:16
strong winds and storms while navigating
2:18
the chill of trade headwinds according
2:21
to Jinping strong winds and storms can
2:24
upset a pond and not an ocean stressing
2:26
that an ocean may have its calm days
2:29
with expectations of strong winds and
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storms to remain what it is explaining
2:34
further that an ocean has experienced
2:36
several strong winds and storms and yet
2:39
still remains where it is saying China
2:42
has encountered numerous trials and
2:43
tribulations and the country still
2:45
remains intact and making more progress
2:48
economically it would be recalled that
2:50
the economic conflict between China and
2:52
the United States has been ongoing since
2:55
January 2018 when the US President
2:58
Donald Trump began setting tariffs and
3:01
other trade barriers on China with the
3:03
goal of forcing it to make changes to
3:05
what the US under Trump leadership said
3:07
to be long-standing unfair trade
3:09
practices and intellectual property
3:11
theft during his first tenure in office
3:13
as the US president shortly after taking
3:16
over office for the second time as the
3:19
US president in January
3:21
2025 Donald Trump imposed 25% tariff on
3:25
China goods with China retaliating with
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the same measure forcing the two
3:30
countries to escalate the hike in
3:31
tariffs to a higher outrageous amounts
3:36
former United Kingdom UK Prime Minister
3:39
Gordon Brown in an article published in
3:41
the The Guardian newspaper said that it
3:44
seems barely credible that the world is
3:46
being brought to its knees by one
3:48
economy outside of which live 96% of the
3:51
population who produce 84% of the
3:54
world's manufactured goods but even
3:57
though US officials have previously
3:59
talked of a tariff policy of escalate to
4:02
deescalate Donald Trump's aim is to
4:05
force manufacturing back to the US and
4:08
his 90-day relaxation of some tariffs
4:10
does not mean he intends to diffuse the
4:13
crisis coordinated multilateral action
4:16
is essential if Britain is to secure the
4:18
export-led growth we need that growth
4:21
will be turbocharged by refocusing
4:23
industrial policy on boosting
4:25
internationally competitive sectors from
4:28
life sciences and AI to the energy
4:30
transition and the creative industries
4:33
promoting such worldbeating clusters
4:35
requires us as the chancellor has said
4:38
to invest more heavily in research and
4:40
development and highlevel skills but it
4:43
also demands that we champion a pro-
4:45
competition regime that does not favor
4:47
the tech giants at the expense of their
4:49
smaller UK competitors or dilute
4:52
copyright and intellectual property laws
4:54
so vital to creative talent it is not
4:57
only the multilateral economic system
4:59
that is under assault but every single
5:02
pillar of the rules-based order from
5:04
respect for the law to the
5:05
self-determination of nations and
5:07
historic commitments to humanitarian aid
5:10
indeed we are seeing a simultaneous
5:13
breakdown in economic and geopolitical
5:15
orders in a follow-up article I will
5:18
suggest how we might build a new order
5:20
out of what are fast becoming the ruins
5:22
of the old but first we need to show
5:25
that the world can act together to
5:27
support people's living standards doing
5:30
so will demonstrate the fundamental
5:32
principles at stake that international
5:34
cooperation is in our collective
5:36
interests and that a zero sum world of
5:38
competing nationalisms leaves us all
5:40
poorer and less secure
5:49
bringing you the news in a multi
