By He Beiping

During Spanish Prime Minister Petro Sánchez’s recent visit to China, the two countries signed a groundbreaking Memorandum of Understanding on film cooperation, pledging to expand practical collaboration in film festival participation, reciprocal screenings, co-productions, and professional exchanges, injecting new momentum into cultural connectivity and high-level bilateral relations.

As the world’s second-largest film market, China remains a crucial destination for global investors and creators seeking to deepen their market presence. However, recent US tariff overreach has prompted China’s National Film Administration to announce it will “moderately reduce the number of American films imported.” This development triggered immediate stock plunges for Hollywood giants Walt Disney and Warner Bros. Discovery. Many media have reported Hollywood jitters over potential exclusion from China’s massive cinema market.

Washington’s tariff offensive has cast uncertainty over US studios and filmmakers eyeing Chinese collaborations. As a vital component of service trade, the film industry reveals an asymmetric relationship: The US maintains China’s largest service trade surplus. US Commerce Department data shows American service exports to China ballooned from $5.63 billion in 2001 to $46.71 billion by 2023 – a 7.3-fold increase. China’s vast market continues to reward quality content, as evidenced by audience enthusiasm and box office validation.

Meanwhile, European Commission President Ursula von der Leyen warned of retaliatory measures against U.S. tech titans should transatlantic tariff negotiations collapse. Notably, technology services constitute a pillar of America’s service trade surplus with Europe.

Both film and tech services represent cornerstone sectors of modern service industries where the U.S. has long held dominance. The coordinated warnings from China and the EU expose the self-defeating nature of Washington’s tariff adventurism – its reckless act of prioritizing immediate gains over long-term stability now jeopardizes America’s very service trade strongholds.

In contrast, China’s commitment to high-standard openness continues creating opportunities. The Sino-Spanish film collaboration demonstrates China’s determination to keep its doors wide open, partnering with multilateralism advocates like Spain to uphold free trade and economic globalization. Through equitable cooperation and mutual benefit, such alliances promise to deliver higher-quality services and products that truly benefit global citizens.

After all, the era of American unilateral dominance has irrevocably passed.

*He Beiping is a Chinese journalist based in Nigeria.

This article was originally published in Daybreak.