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One day after the US and China agreed to de-escalate their trade war, Chinese President Xi Jinping denounced “bullying” and “hegemonism” while addressing leaders from Latin America and the Caribbean.
Some shit you should know before you read: If you’re unaware, over the weekend Treasury Secretary Scott Bessent reached a preliminary trade agreement with Chinese negotiators aimed at easing months of escalating tensions between the world’s two largest economies. While not a full resolution, the deal marks a 90-day pause in the trade war, during which both sides agreed to significantly scale back tariffs. Under the agreement, US tariffs on Chinese imports have been reduced from a punishing 145% to 30%, while China has lowered its retaliatory tariffs on American goods from 125% to 10%.
What’s going on now: During a high-level diplomatic forum with many leaders from Latin America and the Caribbean, Chinese President Xi Jinping framed China as a reliable partner for the region. He warned that “bullying or hegemonism only leads to self-isolation” and said that “there are no winners in tariff wars or trade wars,” a clear but indirect critique of the United States.
Xi also said, “The world is undergoing a century of rapid change, with multiple risks compounding one another. Only through solidarity and cooperation can countries maintain world peace and stability.” He highlighted that China was interested in supporting development in the countries while also respecting their sovereignty.
As part of his pitch, Xi announced a package of economic and diplomatic initiatives that would be carried out over the next three years. These include improving coordination in global affairs, expanding trade through the Belt and Road Initiative, deepening cultural and educational exchanges, and creating collaboration in areas like clean energy, artificial intelligence, and the digital economy.
He added, “We will work with Latin American and Caribbean countries to firmly safeguard the international system … and to speak with one voice in international and regional affairs.”
To back his word, Xi announced that China would provide ¥66 billion (approximately US$9.1 billion) in credit lines to Latin American and Caribbean nations. These funds will support development projects and be used to bolster law enforcement training and material aid.
