At an international forum in Beijing on Tuesday, Chinese Premier Li Qiang criticized U.S. tariff policies imposed by President Donald J. Trump, stating that these measures have dealt a “severe blow” to the global economy.
Li Qiang described the situation as follows: “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.”
Official Chinese customs data shows 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 year.
Analysts note that Chinese government statistics have historically been manipulated to present more favorable outcomes than reality, suggesting U.S. tariffs may have had an even greater negative impact on Chinese exports than official figures indicate.
The tension has also drawn attention from European partners. During a recent visit to Beijing, French President Emmanuel Macron suggested the possibility of European Union tariffs on Chinese goods. Additionally, the European Commission has begun addressing China’s practice of dumping imports that undermine domestic industries across Europe.
Over the past year, international finance experts have documented persistent deflation in China, far exceeding levels acceptable by the Chinese Communist Party. This deflationary cycle has been driven by supply-side overcapacity, leading to rapid declines in consumer and producer prices as Chinese manufacturers produce more goods than can be sold domestically or internationally.
