A top Chinese official warned on Tuesday, January 21, that no country would emerge victorious from a trade war, in a speech to the Davos forum as Donald Trump returned to the White House.
Vice Premier Ding Xuexiang told the World Economic Forum that a "tug of war" was underway between supporters and opponents of economic globalization.
"Transformation not seen in a century is accelerating across the board with imminent tariff wars and trade wars," said Ding, adding, "The global governance system is undergoing profound adjustments. Human society has once again come to a critical crossroads."
Trump, who began his second term on Monday, vowed during his election campaign to impose higher tariffs on China after launching a trade war with the country during his first stint at the White House.
"Protectionism leads nowhere, and there are no winners in a trade war," Ding said, without mentioning Trump or the United States by name.
Trump warned Monday that he could impose tariffs if Beijing rejected his proposal to keep the Chinese-owned app TikTok online in the United States by having half of it sold off.
China has also been locked in trade disputes with the European Union. The EU imposed hefty tariffs on electric cars made in China last year. In turn, Beijing targeted European brandies and opened probes into EU subsidies of some dairy and pork products.
Without mentioning the EU or any country by name, Ding warned against "erecting green barriers that could disrupt normal economic and trade cooperation."
He called for a "consistent approach" in addressing climate change and trade policies "so as to prevent economic and trade frictions from impeding the process of green transition."