NEW YORK, April 6. /TASS/. Introduction of universal import tariffs by US President Donald Trump will change the world order and President of China Xi Jinping is one of obvious winners from such policy, the Editorial Board of The Wall Street Journal (WSJ) said in its article.
China responded to the recent increase of US duties by announcing the 34% tariff on the US goods, starting from the next week. Furthermore, China added several dozens of US companies to black lists, limiting their access to trade, investments and exports. Beijing also set export restrictions on rare-earth metals required for high-technology manufacturing, which may seriously affect global supply chains, the newspaper said.
The current situation is a strategic gift for Xi because Beijing is confident in its ability to find alternative sources for critical imports, The Wall Street Journal said. At the same time, countries striving earlier to strengthen their economic ties with the US to counter Chinese influence are now under pressure. For example, US tariffs were set at the rate of 46%, 36%, 32% and 17% respectively for Vietnam, Thailand, Indonesia and the Philippines. Duties for Japan and South Korea stand at 24% and 25% accordingly. This threatens Washington’s efforts of creating an economic and strategic bloc capable of opposing Beijing, the newspaper added.