'No matter how....': Xi Jinping warns US over Trump's tariffs
What's the story
Chinese President Xi Jinping has warned that trade wars are futile and there are no winners.
Xi's remarks came during a meeting with Spanish Prime Minister Pedro Sanchez, his first engagement with a foreign leader since China and the US started escalating tariffs.
Washington has levied a 145% duty on Chinese imports, raising the effective tariff rate to 156%.
Meanwhile, China's Finance Ministry said the country will increase taxes on all US goods from 84% to 125% beginning April 12.
Xi
'China will maintain its resolve and focus'
"There are no winners in the tariff war and standing against the world ultimately results in self-isolation," Xinhua quoted Xi as saying.
"For over seven decades, China's growth has been fueled by self-reliance and hard work, never depending on favors from others and never backing down in the face of unreasonable suppression."
"No matter how the external environment shifts, China will maintain its resolve and focus, dedicating itself to managing its own affairs efficiently," Xi warned.
Diplomatic outreach
Xi Jinping's appeal to the EU
Xi further called on the European Union (EU) to collaborate with China in resisting "unilateral bullying" by the US.
In a separate statement, Chinese Foreign Ministry spokesperson Lin Jian warned that if the US insists on a tariff war, China's response will continue to the end.
"China does not want to fight these wars... If the US truly wants to resolve issues through dialogue...it must stop applying extreme pressure and acting recklessly."
Trade dynamics
Trump waiting for China to reach out
Two senior White House officials told CNN that the US would not initiate contact with China.
Trump has instructed his staff that China must be the first to reach out, as the White House feels Beijing has chosen to retaliate and escalate the trade war.
However, three sources familiar with the official communications have stated that Beijing has consistently declined to arrange a leader-level phone call.