Updated April 11, 2025, 05.10 a.m. EDT.<\/b><\/p>\n
BANGKOK \u2013 China\u2019s president is heading on a three-nation tour of Southeast Asia after his government hiked tariffs on U.S. goods to 125%, the latest strike in an intensifying trade war that has sunk stock markets and threatens to stunt the global economy.<\/p>\n
The increase to 125% from 84%, effective Saturday, matches the recent series of duties levied U.S. President Donald Trump levied on China. The White House has said U.S. tariffs on Chinese goods now total 145% when earlier levies that aimed to discourage fentanyl shipments are included.<\/p>\n
\u201cThere are no winners in tariff or trade wars. China does not want a trade war, but it is not afraid of one either,\u201d Chinese foreign ministry spokesperson Lin Jian said Friday.<\/p>\n
\u201cIf the U.S. truly wants to resolve issues through dialogue and negotiation, it should stop applying maximum pressure and acting recklessly. Such tactics never work on China.\u201d<\/p>\n
Next week President Xi Jinping will try to build support among some of China\u2019s key allies and trading partners in Southeast Asia. The Chinese president will visit Vietnam on Monday and Tuesday before heading to Malaysia and Cambodia, the state-controlled Xinhua news agency said Friday.<\/p>\n
Vietnam and China\u2019s trade has burgeoned over the past two decades, reaching a record US$205.2 billion last year. <\/p>\n
China invested US$25 billion in Vietnam in 2023, the fourth largest investor in the country, according to Vietnamese data.<\/p>\n
The two sides agreed in August last year to strengthen their top-level \u201ccomprehensive strategic partnership\u201d with further trade and investment deals, during a visit by To Lam, general secretary of Vietnam\u2019s communist party, to Beijing.<\/p>\n
Vietnam also has a comprehensive strategic partnership with the U.S. and has been locked in top-level talks on a trade deal and ways to reduce its record trade surplus with America.<\/p>\n
On Wednesday, the U.S. imposed 46% tariffs on Vietnamese goods, some of the highest in the latest round of Trump-imposed import duties. That was cut to 10% within 24 hours in spite of presidential adviser Peter Navarro calling To Lam\u2019s offer to cut tariffs on U.S. goods \u201cmeaningless.\u201d <\/p>\n
Navarro said the move wouldn\u2019t dent Hanoi\u2019s trade surplus and accused Vietnam of \u201ccheating\u201d by re-exporting Chinese goods as its own, stealing intellectual property and raising non-tariff barriers.<\/p>\n
Vietnam has been hosting a series of foreign leaders as it looks to expand non-U.S. trade. In the past week it agreed deals with Belgium and Spain after the former\u2019s king and latter\u2019s prime minister visited Hanoi. Next month European Commission President Ursula von der Leyen visits the country.<\/p>\n
Updated to include China\u2019s latest tariffs on the United States.<\/b><\/i><\/p>\n
Edited by Stephen Wright.<\/b><\/i><\/p>\n
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