Promising billions in development credit and increased cooperation, President Xi Jinping told the China-CELAC Forum — without naming the United States — that “bullying and hegemony will only lead to self-isolation”.

Latin America has emerged as a key battleground in US President Donald Trump’s confrontation with China, and the region is coming under pressure from Washington to choose a side.

Two-thirds of countries there have signed up to Beijing’s Belt and Road (BRI) infrastructure drive, and China has surpassed the US as the biggest trading partner of Brazil, Peru, Chile and others.

A day after Washington and Beijing dialled down the trade war raging since Trump took office by drastically reducing mutual tariffs for 90 days, Xi cast Beijing as a defender of peace and stability.

“There are no winners in tariff wars or trade wars,” Xi said.

“Only through unity and cooperation can countries safeguard global peace and stability and promote worldwide development and prosperity,” he said.

The Chinese leader pledged $9.2 billion in loans towards “development”, part of a broad set of initiatives aimed at deepening cooperation, including on infrastructure and clean energy.

Read more

Chinese premier calls for ‘dialogue’ as US senator visits Beijing

China hosts Latin American, Caribbean nations amid US trade war talks

Xi, Biden to meet as Trump return looms

Beijing will also cooperate in counterterrorism and fighting transnational organised crime, Xi said, as well as enhancing exchanges such as scholarships and training programmes.

Under Monday’s agreement announced in Geneva, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent.