China’s Premier Li Qiang on Tuesday warned that rising global tariffs have dealt a “severe blow” to the world economy, even as the country’s trade surplus surpassed $1 trillion.

Speaking at a forum in Beijing with top officials from the International Monetary Fund, World Bank, and World Trade Organization, Li highlighted the negative impact of restrictive trade measures since early 2025. “The damaging effects of tariffs, which harm both others and oneself, have become increasingly apparent,” he said, without naming the U.S. specifically, while emphasizing growing calls to uphold free trade.

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U.S. tariffs have contributed to a 29% drop in Chinese exports to the United States in November, marking the eighth consecutive month of decline. However, China’s overall exports rose 5.9% from a year earlier, keeping the trade surplus above $1 trillion.

Li also urged “collaborative innovation” amid rising technology investments and stressed the importance of openness and cooperation. The remarks come during China’s Central Economic Work Conference, which sets the country’s economic plans and strategies for 2026–2030. China’s economy grew 4.8% in the last quarter, and economists expect it to reach the official 5% growth target for 2025, supported by strong exports.

Source: AP