WASHINGTON: Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on Saturday (Oct 25) criticised advanced economies for creating trade barriers including for renewable energy goods, saying there was “no longer free trade” in the global economy.
The United States last month announced steep tariff hikes on Chinese imports, including a 100 per cent duty on electric vehicles, to strengthen protections for strategic domestic industries from China’s state-driven excess production capacity.
The European Union and Canada also have announced new import tariffs on Chinese EVs, the latter matching the 100 per cent US duties.
Jin, who heads the China-led development bank, said trade spats between advanced and emerging economies have increased partly because manufacturers in the latter have boosted their competitiveness.