China's Two Sessions amid tariffs

[Anchor]

As previously announced, the United States will impose tariffs on Canada and Mexico starting tomorrow after a one-month grace period.

However, they indicated that there is a possibility of reducing the previously stated tariff rate of 25% due to the fluid situation.

On the other hand, it seems there is no room for negotiation with China.

Starting tomorrow, an additional 10% tariff will be imposed, meaning that Chinese products will face a total of 20% tariffs since the Trump administration already began imposing a 10% tariff a month ago.

In response, China is also considering retaliatory measures against the U.S.

The Two Sessions, the largest political event in China, will begin tomorrow, and responding to the tariff war is expected to be a key agenda item.

Kim Min-jung reports from Beijing.

[Report]

If the U.S. imposes an additional 10% tariff, China's retaliatory measures are expected to target American agricultural products and food.

Since China is a major importer of U.S. agricultural products, if China imposes retaliatory tariffs, American farmers and exporters will be hit hard.

[Lin Jian/Chinese Ministry of Foreign Affairs Spokesperson: "We will take all necessary measures to firmly safeguard China's legitimate interests."]

Countermeasures against the trade war initiated by Trump, including tariffs, are expected to be discussed in depth at the National People's Congress, which opens tomorrow.

Amid an overall economic downturn, there is also interest in what economic policies will be proposed.

[Liu Jieyi/Chinese People's Political Consultative Conference Spokesperson: "We have the advantage of having a huge market. New consumption potential is also being rapidly unleashed."]

An economic growth target of around 5% is expected to be presented, and to achieve this, the 'replacing old with new' policy, which aims to replace outdated consumer goods, is likely to be expanded to boost domestic demand, along with the issuance of special government bonds for substantial economic stimulus.

There are also expectations for policies that significantly relax regulations to empower private big tech companies.

Last month, President Xi Jinping gathered private entrepreneurs, which can be interpreted as part of a strategy to foster advanced industries and turn the U.S.-China hegemonic competition into an opportunity.

This year's Two Sessions are drawing significant attention, as they are expected to present China's direction for national governance in the context of U.S.-China trade and strategic competition.

This is Kim Min-jung from KBS News in Beijing.