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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Headlines

    Posted By Global Banking and Finance Review

    Posted on April 22, 2025

    Featured image for article about Headlines

    BEIJING (Reuters) -Chinese Foreign Minister Wang Yi urged Britain and the European Union on Tuesday to safeguard multilateral trading systems, as Beijing seeks to rally support from trading partners to counter U.S. tariff measures.

    China and the United States have remained locked in a deepening trade war, with tit-for-tat tariff hikes that have significantly disrupted bilateral commerce.

    "The United States has weaponised tariffs to launch indiscriminate attacks on countries, openly violating WTO rules and undermining the legitimate rights and interests of others," China's foreign ministry cited Wang as saying in a phone call with British Foreign Secretary David Lammy.

    China and Britain had a responsibility to uphold international order in the face of "rampant unilateral bullying", Wang told Lammy.

    China was ready to work with Britain to "eliminate all distractions", Wang said, adding that the onus was on both countries to safeguard multilateral trading systems.

    In a separate call with Austrian Foreign Minister Beate Meinl-Reisinger, Wang called on the EU to defend multilateral trade and said China was willing to further strengthen high-level exchanges with the bloc.

    Washington has raised tariffs to 145% on Chinese goods, prompting Beijing to retaliate by slapping duties of 125% on items imported from the U.S.

    Wang's phone calls came after Beijing on Monday warned countries against striking a broader economic deal with the U.S. at its expense, and threatened countermeasures if they did so.

    Chinese President Xi Jinping earlier this month appealed directly to the EU, telling Spanish Prime Minister Pedro Sanchez in Beijing that China and the bloc should join forces to defend globalisation.

    Beijing and Brussels have quietly intensified coordination, establishing several economic working groups after EU trade chief Maros Sefcovic's visit late March, including on EV supply chain investment and agri-food market access issues.

    The two sides also revived minimum pricing negotiations on Chinese-made electric vehicles, a solution that Beijing has long advocated to the bloc's tariffs imposed last year.

    (Reporting by Ethan Wang, Xiuhao Chen and Liz Lee, Editing by William Maclean, Kevin Liffey and Alex Richardson)

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