China presents a united entrance with Latin America, aiming to counter Trump’s commerce struggle | EUROtoday

China is transferring to strengthen its alliances with different international locations as a counterweight to President Donald Trump’s commerce struggle, presenting a united entrance with Latin American leaders at an occasion Tuesday in Beijing.

China’s leaders have positioned the world’s second-largest financial system as a dependable commerce and improvement associate, in distinction to the uncertainty and instability from Trump’s tariff hikes and different insurance policies.

On Monday, Beijing and Washington introduced a breakthrough on tariffs after weekend talks in Geneva, Switzerland, the place they agreed to chop sky-high tariffs on each side for 90 days to permit for negotiations.

Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping stated China stands able to “join hands” with Latin international locations “in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.”

“There are no winners in tariff wars or trade wars,” Xi stated, reiterating a phrase China has used repeatedly when referring to Trump’s insurance policies.

He was talking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which started in 2015. The presidents of Brazil, Chile and Colombia have been among the many Latin American and Caribbean officers attending.

Xi introduced 5 applications, centered on political exchanges, financial improvement, cultural and tutorial exchanges and international safety to construct nearer ties between China and Latin American nations.

He promised to spice up imports from the area and to encourage Chinese corporations to extend their investments there. He introduced a brand new 66 billion yuan ($9.2 billion) credit score line to assist Latin American and Caribbean financing.

China additionally plans to increase cooperation in clear power, 5G telecommunications, the digital financial system, synthetic intelligence and international safety.

China’s commerce with the area has been rising quickly, exceeding $500 billion for the primary time final 12 months. Much of that development has come from elevated Chinese imports of farm items together with soybeans and beef, and power imports similar to crude oil, iron ore and significant minerals.

Beijing’s investments within the area by Xi’s Belt and Road Initiative, or BRI, have included putting in 5G networks and constructing ports and hydropower vegetation.

Colombian President Gustavo Petro introduced Monday that his nation would formally be a part of the BRI – in a vote of confidence after a number of Chinese initiatives in Latin America hit snags in latest months.

In February, Panama grew to become the primary Latin American nation to give up the initiative beneath strain from the U.S. And earlier this month, Chinese electrical car maker BYD and stainless-steel producer Tsingshan introduced they have been abandoning plans to construct lithium cathode vegetation in Chile resulting from falling lithium costs.

In different pledges, Beijing plans to ask 300 members from Latin American political events to China yearly for the subsequent three years and facilitate 3,500 authorities scholarships and varied different sorts of exchanges.

Five Latin American international locations will obtain visa exemptions for journey to China, with extra to comply with, Xi stated. It was not instantly clear which international locations would grow to be visa exempt.