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Chinese president warns of Cold War mentality amid US tariff row

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Chinese president warns of Cold War mentality amid US tariff row

President Xi Jinping says he will open up China's economy
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In a speech being seen as an attempt to defuse an escalating trade war with the United States, the Chinese president promised to open the country's economy further and lower import tariffs. He was speaking at the opening ceremony of the Boao Forum for Asia conference in Hainan Province in China. The BFA is an important international forum for dialogue between governments and business and is dedicated to promoting Asian countries.

"Cold war mentality and zero-sum game are more and more old-fashioned and outdated," said Xi Jinping. "Isolationism will only hit walls. Only by sticking to peaceful development and cooperation can we truly achieve a win-win."

If the Chinese president's stated intentions are acted on, it will come as welcome news to Donald Trump, who has insisted that trade arrangements between with China are unfair:

"China is been taking advantage of the United States for many years. We should have been able to do what they did we didn't do what they did. And it's the most lopsided set of trade rules regulations that anybody's ever seen."

Any easing of tension over trade will also be good news for markets around the world that have fallen recently over White House actions and threats of retaliation by China.