Less than 24 hours after President Donald Trump took office, China's Vice Premier Ding Xuexiang said that he hopes to find a "win-win" solution for the growing threat of global trade wars. 

Ding promoted the idea of "economic globalization" in a January 21 speech at the World Economic Forum in Davos, Switzerland, stressing the need to "pool strengths" among nations to form cooperative trade relationships. Although he stopped short of directly addressing President Donald Trump's vow to impose hefty tariffs against China, Ding warned that a "trade war has no winners."

"I believe that we have the wisdom and capability needed to find a win-win and all-win solution, one that is based on mutually beneficial cooperation, through communication and coordination," he said, adding that he hopes to see China boost its own imports to "promote balanced trade." In 2024, China's trade surplus reached nearly $1 trillion, with the country now producing roughly a third of the world's manufactured goods. 

Trump threatened to impose 60-100% tariffs against all Chinese imports into the U.S. throughout his campaign, but signaled his intention to start with a much more modest 10% levy on February 1, in a statement delivered the day after he signed flurry of executive orders. One of those orders directed federal agencies to review all U.S. trade policies by April 1, and make recommendations on how to address potential trade imbalances between the U.S. and other nations. Trump also said that he intends to enact 25% tariffs against Mexico and Canada the same day that the 10% levy against China would take effect.