The upcoming meeting between Russian President Vladimir Putin and Chinese leader Xi Jinping, set to take place in China this week, highlights the deepening strategic ties between the two nations.
Announced on Tuesday, Putin’s forthcoming two-day state visit to China, beginning Thursday at the invitation of Xi Jinping, marks the first foreign trip by a Russian leader since Putin commenced his fifth presidential term last week.
In a recent interview with state-run Xinhua media ahead of the visit, Putin underscored the rapid advancement of Russian-Chinese economic and trade relations, emphasizing their resilience amidst external challenges and crises. He also voiced support for China’s peace initiative aimed at resolving the conflict in Ukraine, expressing Russia’s readiness to engage in dialogue to address the issue.
Despite Beijing unveiling a 12-point plan over a year ago for resolving the conflict in Ukraine, the plan did not garner approval from Ukrainian and Western allies.
Meanwhile, the Biden administration has announced substantial increases in tariffs on imports from China, effective this year. These measures include quadrupling tariffs on Chinese electric vehicles, doubling tariffs on solar panels, and more than tripling tariffs on certain steel, aluminum, and lithium-ion battery imports. Additionally, tariffs on Chinese semiconductors will rise in 2025.
China swiftly denounced the tariff increases, deeming them contradictory to President Biden’s pledge not to obstruct China’s development or seek separation from it. Beijing has pledged decisive measures to safeguard its interests.
While these tariff escalations align with Biden’s assertive stance towards China, analysts warn of potential adverse effects on the US economy and consumers. Each percentage point increase in the effective tariff rate is projected to result in a decline in GDP, higher consumer prices, and increased inflation.
Such political maneuvers by the United States gradually foster closer ties between China and Russia over time.
