On April 22, 2025, Ambassador Li Fan published a signed article titled "Tariff Wars and Trade Wars Have No Winners" in multiple mainstream media outlets in Bosnia and Herzegovina, including Oslobođenje, Glas Srpske, Vijesti, Nezavisne, Slobodna Bosna, klix and Raport. The article elaborated China’s principled stance on the U.S. abuse of tariffs, sparked widespread resonance and achieved positive outcomes.
The article emphasized that the U.S. reckless imposition of tariffs severely violates the legitimate rights and interests of China and other countries around the world. It underscored that China possesses both the capability and confidence to endure the impacts of trade wars, taking resolute actions to defend international fairness, justice, and the global economic order. The full text is as follows:
Tariff Wars and Trade Wars Have No Winners: Chinese Ambassador to BiH Li Fan Expounds China's Principled Stance on the US Abusive Imposition of Tariffs
I. U.S. Announcement of Tariff Hikes on Nearly All Trading Partners Defies Global Trends, Threatening Stability of International Political and Economic Order
Recently, the United States has imposed tariffs on all of its trading partners, including China, under various excuses. This severely violates the legitimate rights and interests of all countries, severely violates World Trade Organization (WTO) rules, severely undermines the rules-based multilateral trading system, and severely disrupts the global economic order.
A recent WTO report indicates that due to the U.S. tariffs, the global GDP growth forecast for this year has been revised downward from 2.8% to 2.2%, and global merchandise trade volume could decline by 1.5%. IMF Managing Director Kristalina Georgieva, President of the World Bank Ajay Banga, and Chairman of the Board of Governors of the Federal Reserve System Jerome Powell have all warned about the potential harm of these tariffs. Most alarmingly, high tariffs will further widen global wealth disparities, with vulnerable and underdeveloped nations bearing the brunt of the impact.
The U.S. actions defy fundamental economic principles and market rules, disregard the balanced outcomes achieved through multilateral trade negotiations, and ignore the fact that the U.S. has long reaped substantial benefits from international trade. At its core, this is a pursuit of "America First" and "American exceptionalism"—an attempt to overturn the existing international order through tariffs and serve U.S. hegemonic interests at the expense of the legitimate rights of nations worldwide. Such behavior is bound to face widespread opposition from the international community.
Economic globalization is an objective requirement of the development of social productivity and an inevitable outcome of technological progress. The world cannot and should not regress to an era of mutual isolation or revert to the law of the jungle. Recently, a video of economist Milton Friedman has gone viral, in which he uses the example of a simple pencil—produced through the collaboration of thousands of people across different countries—to illustrate the benefits of global industrial chain cooperation.
The wheels of history cannot be reversed. Instead, we should uphold the principles of extensive consultation, joint contribution, and shared benefits, adhere to genuine multilateralism, and collectively oppose all forms of unilateralism and protectionism.
II. China Does Not Fear a Trade War or a Tariff War. The U.S. Exorbitant Levies on Chinese Goods Have Degraded into Meaningless Numerical Games
There are no winners in a tariff war or a trade war. China does not wish to engage in such conflicts, but we are not afraid to do so. The world has seen clearly that the U.S. reckless imposition of tariffs is a misguided path, while China’s firm countermeasures are the right course of action — it is not only to defend our own rights but also to uphold the global multilateral trading system, the WTO rules, and international fairness and justice.
China is an ancient civilization and a nation of etiquette and propriety. Pressure, threats, and coercion are not the right ways to engage with China. China’s development has always relied on self-reliance and hard work. We have never depended on anyone’s charity, nor do we fear unjust suppression. The logic of bullies is to prey on the weak and fear the strong—where the powerful sit at the “table” and the vulnerable end up on the “menu.” The more one compromises, the more they will be exploited. The Chinese people do not seek trouble, but we do not shy away from it.
History has proven that there are no winners in tariff wars and trade wars. The U.S. indiscriminate tariffs harm others and itself, and the ultimate consequences will be borne by the U.S. alone. The Smoot-Hawley Tariff Act of 1930 once plunged the world into a trade war, leading to a 61% drop in U.S. exports by 1933 compared to 1929 and a 66% contraction in global trade from 1929 to 1934, accelerating the Great Depression.
Given that there is no market acceptance for U.S. goods exported to China under current tariff levels, we will ignore the “meaningless number games”. However, if the U.S. insists on further infringing upon China’s legitimate rights and interests, China will resolutely countermeasure and see it through to the end.
III. China Possesses Full Capacity and Confidence to Withstand Impacts of Trade War
China’s economy is anchored by a stable foundation, diversified advantages, strong resilience, and vast potential. On one hand, China’s manufacturing sector has ranked first globally in overall scale for 15 consecutive years, with output exceeding the combined total of the U.S., Japan, and the EU. With a population of over 1.4 billion, China’s middle-class demographic surpasses the entire U.S. population, and its urban population is three times higher than the U.S. Chinese market is huge in scale and has good growth potential. There is plenty of room for both investment and consumption, which is sufficient to support the sustained development of the Chinese economy.
On the other hand, China has become a crucial trade partner for over 150 countries and regions, building a diversified market structure. In the first quarter of this year, China’s exports to “Belt and Road” partner countries grew by 7.2% compared to the previous year, with goods imports and exports accounting for over 50% of its total trade. Notably, the U.S. share of global goods imports has declined to 13%, while China’s exports to the U.S. dropped to 14.7% of its total exports in 2024. China is fully confident and capable of enduring the impacts of this trade war.
The U.S. businesses hold significant interests currently in China, with over 70,000 American enterprises operating here, and exports to China support 930,000 jobs in the U.S. A report by the American Chamber of Commerce in China reveals that 53% of U.S. companies in China plan to increase investment in 2025, with most viewing China’s investment environment as improving in 2024. If the U.S. insists on decoupling from China, it is decoupling from the future and opportunities. The U.S. government seeks to "Make America Great Again" through tariffs, but the result may be "Make America Isolated Again" instead.
No matter how the international landscape shifts, China, as the world’s second-largest economy, will continue pursuing high-quality development and advancing high-standard openness. We will extend hands, not clenched fists; tear down walls, not build barriers; connect, not decouple. China is committed to sharing development opportunities and achieving win-win cooperation with all nations.
IV. Compared to the United States' abuse of hegemony and disruption of the world, China has taken firm actions to defend international fairness and justice and the global political and economic order
When the U.S. imposed "reciprocal tariffs" on nations worldwide, China championed "zero-tariff" policies to foster shared prosperity. Since December 1 last year, China has granted 100% zero-tariff treatment to all least-developed countries (LDCs) that maintain diplomatic relations with it, becoming the first developing power and major global economy to implement such a measure. Chinese consumers now enjoy lower-priced natural rubber from Laos, honey from Tanzania, and lamb from Madagascar, while simultaneously boosting industrial development in partner nations, improving local livelihoods, and narrowing global development disparities—a testament to China's role as a responsible major country.
As the U.S. erects walls to expel migrants and isolates itself, China is streamlining cross-border mobility and cultivating a world-class business environment. To date, China has implemented unilateral visa-free policies for 38 countries and extended transit visa exemptions to 240 hours for 54 nations, with plans to further expand its "visa-free circle." In November last year, China introduced its latest foreign investment negative list, slashing restrictive measures from an original 93 items to 29, including the complete removal of manufacturing sector restrictions—signaling continuously lowered barriers and a shrinking exclusion list. Through relentless high-level opening-up, China is building the bridge of international cooperation and solidifying its status as the premier choice for global collaboration.
While America is focused on extracting global "dividends," China prioritizes AI-driven innovation and consumption upgrades. Columnist for The New York Times, Thomas L. Friedman, noted that while Trump’s "Liberation Day" strategy is to double down on tariffs, China’s "liberation strategy" is to open more research parks and double down on AI-driven innovation. China's manufacturing supremacy stems not merely from low costs but from faster, smarter, and increasingly AI-integrated production capabilities, forging a growth paradigm driven by both domestic demand and innovation. He said bluntly "I just saw the future." Regarding consumption upgrades, the Chinese government rolled out multiple subsidy policies in January this year: up to 15% discounts on new smartphones, tablets, and smartwatches; 2,000 RMB subsidies for appliance trade-in programs; and 20,000 RMB incentives for vehicle replacement—injecting fresh momentum into domestic demand while laying robust foundations for sustainable economic growth.
V. China and EU are Global Major Economies. Bilateral Cooperation Will Fill Greater Stability and Certainty into World Economy and Trade
Recently, Chinese Minister of Commerce Mr. Wang Wentao held talks with visiting European Commissioner for Trade and Economic Security Maroš Šefčovič. The two sides discussed issues such as the EU’s anti-subsidy investigation into Chinese electric vehicles and China’s anti-dumping probe into EU brandy. They reaffirmed their commitment to properly resolve economic and trade differences through dialogue and consultation, in line with the important consensus reached by Chinese and EU leaders. Both sides agreed to swiftly restart negotiations on price commitments for the electric vehicle anti-subsidy case, aiming to create a favorable environment for enhanced investment and industrial cooperation between Chinese and European enterprises.
As the world’s second- and third-largest economies, China and the EU together account for over one-third of global GDP and more than a quarter of global trade. Both sides are firm supporters of economic globalization and trade liberalization, as well as firm supporters of the World Trade Organization. Under current circumstances, China and the EU will jointly uphold the rules-based multilateral trading system, adhere to trade liberalization and facilitation, and inject greater stability and certainty into the world economy and global trade. China stands ready to work with the international community, including the EU, to strengthen communication and coordination, share development opportunities, expand open cooperation, and achieve mutual benefit. We aim not only to safeguard our own interests but also to jointly defend international trade rules and fairness and justice.
VI. China's Door for Dialogue Remains Open, U.S. Arrogant Posture Undermines Equal Negotiations
The comments about "Chinese peasant" by U.S. officials reflect ignorance and prejudice toward China. China’s door to dialogue with the U.S. remains open, but this requires the U.S. to abandon its arrogant and disrespectful attitude — their actions do not reflect the willingness to engage in serious dialogue. If the U.S. genuinely wishes to engage, it must approach dialogue with China in a spirit of equality and respect, grounded in facts and practicality. We urge the U.S. to correct its misguided approach, work with China for the shared goal, and adhere to the principles of mutual respect, peaceful coexistence, and win-win cooperation. Only through dialogue and consultation can the differences be properly resolved.