China will remain committed to the multilateral trading system with the World Trade Organization (WTO) at its core, said Foreign Ministry spokesman Guo Jiakun at a press briefing in Beijing on Monday.
Guo made the statement in response to a media query about the 30th founding anniversary of the WTO this year, as the Marrakesh Agreement establishing the organization was signed by 123 countries on April 15, 1994, leading to its birth on January 1, 1995.
"The World Trade Organization is the core of the multilateral trading system. Over the past 30 years since its establishment, it has ensured the overall steady and orderly operation of global trade by providing an open, stable and predictable institutional environment, strengthened economic and trade cooperation among its members, and promoted developing economies’ participation in and benefit from economic globalization, and made important contributions to enhancing the well-being of people in all countries and promoting sustainable development," Guo said.
"Free trade is the inevitable requirement for the development of the world economy, and its fundamental goal is to achieve mutual benefit and win-win results and promote common development. Engaging in protectionism and building 'small yard and high walls' seriously disrupt the global production and supply chains and impair the common and long-term interests of all countries. China will continue to uphold its original intention of joining the WTO, and work with the international community to uphold the multilateral trading system with the WTO at its core, and continue to promote the liberalization and facilitation of global trade and investment to better benefit the world," he said.
China to uphold WTO-centered multilateral trading system: spokesman
A toy shop owner in Los Angeles is worried playtime could be over for his business as the uncertainty brought by the Trump administration's tariff measures continues to disrupt supply chains and risks scaring away customers with higher prices.
Like many small U.S. businesses operators, Louis Calderon, who has been running Big Lou's Toys and Collectibles in Los Angeles for over 30 years, has been anxiously watching news reports as he looks for the latest updates about the unpredictable tariff situation.
Calderon said he has been carefully managing his overall purchases and doing all he can to pass down only the bare minimum of the cost increases to customers as he tries to protect his business from the uncertainty.
"All my distributors already told me that everything is going to go up in price. So, I have to be smart [about] what I buy and what I don't buy. I try to carry everything, but with tariffs going up - I try to be the lowest price possible, but I'm going to have to raise my prices, which is a bummer," he said.
Despite Calderon's best efforts, the reality is that price-sensitive customers are having to cut their overall spending, meaning it becomes increasingly unviable to splash the cash on non-essential items like toys.
"You know, the wages are not that high up here. It will be a little hiccup, yeah, it'll be a little hard because prices, they're already high," said Stephen Perez, a customer.
Though he has come through economic hardships in the past, Calderon said the current tariff turmoil has him worrying about the worst case scenario. He said the potential closure of his toy store means not only losing his source of income but will also destroy the long-standing connection he has established with loyal customers over the past three decades.
"I think that's the one thing that I'm worried about if we ever do close because of this, which hopefully won't happen -- I'm going to miss the interaction with people and how they come in here and they see their childhood. Honestly, that's what I'm going to miss the most," said Calderon.
For local customers who were raised up in the nearby community and have been fans of Calderon's store since their own childhoods, imagining the shop no longer being there is an unbearable thought. "This is the local one that I always came to as a kid, and that it's still open means a lot to me because you could always buy toys on Amazon and stuff like that. But finding vintage toys and stuff that you can't find on the Internet, this is one of the best places you can come to," said Perez.
LA toy shop owner worries playtime could be over as tariff uncertainty pushes up prices
