This was explained by former Minister of Industry and Commerce Jose del Castillo Saviñon, speaking at the panel “The WTO and China’s Entry,” held in the context of the international workshop “China, the United States, and the Trade War.”
Saviñón indicated that the trade conflict between the world’s two largest economies is marked by Washington’s tariff response to China’s model of state planning.
He attributed much of the tension to the relocation of US companies to China and low-cost mass production.
“Today, China dominates key sectors such as footwear, textiles, technology, and electric vehicles, thanks to a skilled workforce and the rapid development of its own technology,” he said.
He also pointed out that while the United States accounts for only 2 percent of China’s foreign trade, the latter is diversifying its exports and strengthening its domestic market.
Last February alone, remittances to the Dominican Republic totaled $917 million, an increase of 9.7 percent compared to the same month in 2024, according to the Central Bank.
The financial institution noted that these resources sent by the diaspora are important for development, as they generate a multiplier effect on consumption, investment, and financing for the country’s most vulnerable sectors.
It specified that 83.6 percent of that total, about $710 million, came from the United States, even with the complex situation of immigrants.
According to data from the Central Bank of the Dominican Republic, the country received more than $10 billion in remittances in 2024, equivalent to about 8 percent of the national gross domestic product.
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