BANGKOK (AP) — China’s prime minister said Tuesday that higher tariffs have dealt a “serious blow” to the world economy, even as China’s own trade surplus has topped $1 trillion.
Premier Li Qiang made the remarks at a forum of top international organizations in Beijing, where China’s top leaders were attending an annual economic planning conference.
“Since the beginning of this year, we have seen the stick of tariffs being wielded around the world, with increasing restrictions on the economy and trade, which has dealt a severe blow to the global economy,” Li Keqiang said, without specifically mentioning U.S. President Trump and his tariff hikes.
When Li Keqiang attended the meeting of high representatives of the International Monetary Fund, the World Bank and the World Trade Organization, he said that as the situation develops, the consequences of tariffs that harm others and ourselves are becoming more and more obvious, and the calls from all parties to safeguard free trade are becoming stronger.
Trump’s sharp increase in tariffs on imports from China and other countries has weakened Chinese exports to the United States, but this has been offset by increased exports to other global markets. Data released by China Customs on Monday showed that exports to the United States fell 29% year-on-year in November, the eighth consecutive month of decline.
At the same time, as of November, China’s trade surplus in U.S. dollars in 2025 has exceeded 1 trillion U.S. dollars, while exports increased by 5.9% year-on-year.
The trade friction between Beijing and Washington eased after Trump and Chinese President Xi Jinping met at a regional economic summit in South Korea in late October. Both sides agreed to cancel previous measures and extend the truce on retaliatory measures for one year.
As investment in science and technology continues to increase, exceeding overall investment, Li Keqiang called for “collaborative innovation” and “we must move forward hand in hand with an open mind and pursue open cooperation.”
The Central Economic Work Conference is an annual planning meeting held this week, following a high-level meeting in October to draft China’s plan for 2026 to 2030. It focuses on China’s goal of maintaining its status as a global manufacturing power and building a stronger domestic economy that is more reliant on consumer spending and technological advancements.
China’s economic growth rate was 4.8% in the last quarter, the slowest growth rate in a year. However, economists expect growth to hit the official target of about 5% by 2025, partly due to strong exports.
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Associated Press photographer Borg Wong in Beijing contributed.
