China, Malaysia Discuss Economic Cooperation, Joint Response To US Tariff Hikes

BEIJING, April 10 (Bernama-Xinhua) -- Chinese Commerce Minister Wang Wentao has held a meeting via video link with Malaysia's Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, as Malaysia currently holds the rotating chair of ASEAN, said a statement released by China's Commerce Ministry on Thursday.

Xinhua news agency reported the two sides held in-depth and candid exchanges on strengthening China-Malaysia and China-ASEAN economic and trade cooperation, as well as jointly responding to the so-called "reciprocal tariffs" raised by the United States.

Wang said these so-called "reciprocal tariffs" ignore the hard-won balance of interests achieved through years of multilateral trade negotiations and the fact that the United States has long benefited substantially from global trade.

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He described the US move as a typical act of unilateral bullying that severely hurts the legitimate rights and interests of countries including China and ASEAN members.

According to Xinhua, Wang added that the US approach also harms its own interests and endangers global economic growth and the stability of industrial and supply chains, posing a grave threat to the multilateral trading system.

Wang stressed that China firmly opposes such measures and has already taken decisive countermeasures, adding that China is ready to fight till the end if the United States is bent on going down the wrong path.

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He also expressed China's readiness to strengthen communication and coordination with trading partners, including the ASEAN, and to resolve respective concerns through dialogue and consultation based on mutual respect, in a joint effort to safeguard the multilateral trading system.

Zafrul said Malaysia's Investment, Trade and Industry Ministry has already issued a statement opposing the US policy, noting that it runs counter to the principles of free and fair trade as set out by the World Trade Organisation.

Malaysia fully respects China's stance and is committed to jointly supporting multilateralism and the advancement of global trade, the minister said, adding the country will engage in consultations with other ASEAN members to jointly respond to the so-called "reciprocal tariffs" and other moves proposed by the United States. 

-- BERNAMA-XINHUA