China’s leading metals industry group has voiced strong opposition to the United States’ recent move to impose “reciprocal tariffs,” warning that such actions could have serious repercussions for global trade and both nations’ economies.
The China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC) issued a statement on Saturday criticizing the unilateral tariff hikes by the U.S. The chamber stated that these measures violate World Trade Organization (WTO) rules and undermine the legitimate rights and interests of WTO members.
“Trade wars produce no winners,” the CCCMC declared, emphasizing that escalating tariffs would not solve domestic challenges in the United States but could instead harm economic growth. The chamber expressed concern that increased import costs might exacerbate inflation in the U.S. and heighten the risk of a recession.
The CCCMC urged the U.S. government to revoke the unilateral tariff increases and called on global peers in the industry, including those in the United States, to oppose such trade practices. The organization affirmed its support for the Chinese government’s commitment to taking necessary countermeasures.
“Cooperation is the key to addressing trade issues,” the statement read. “We encourage all parties to work together to mitigate the negative impacts of the trade dispute.”
The U.S.-China trade tensions have been a point of concern for international markets, with analysts warning of potential disruptions to supply chains and global economic stability. The metals industry, in particular, plays a crucial role in various sectors, including technology and manufacturing, which are vital to the economies of many countries in the Global South.
As the situation develops, businesses and consumers worldwide are keeping a close eye on the actions of both governments, hoping for a resolution that promotes fair trade and economic growth for all.
