China cites US tariff blow as surplus hits $1 trillion
China’s premier said on Tuesday that higher tariffs were dealing a “serious blow” to the world economy even as China’s own trade surplus exceeded US$1 trillion ($A1.5 trillion).
Premier Li Qiang made the statement at a forum of top international organizations held in Beijing, where senior Chinese leaders attended an annual economic planning meeting.
“Since the beginning of this year, we have seen the imposition of tariffs around the world with increasingly restrictive measures on the economy and trade, dealing a serious blow to the global economy,” Li said in a statement on Tuesday, without specifically mentioning US President Donald Trump and the tariff increases.
Speaking at the meeting where senior representatives of the International Monetary Fund, World Bank and World Trade Organization came together, Li said, “As the situation has emerged, the harmful consequences of tariffs that harm both others and oneself have become increasingly obvious, and calls from all sides to support free trade have become stronger.” he said.
Trump’s sharply higher tariffs on imports from China and other countries have negatively impacted Chinese exports to the United States, but this has been offset by increased shipments to other global markets.
Chinese customs figures released on Monday showed exports to the US fell 29 percent in November, the eighth consecutive month of decline from the same period a year earlier.
While China’s trade surplus in dollar terms in 2025 exceeded $1 trillion as of November, exports increased by 5.9 percent compared to the previous year.
Trade friction between Beijing and Washington eased somewhat after Trump and Chinese President Xi Jinping met during a regional economic summit in South Korea in late October.
The two sides agreed to roll back previous steps and extend the ceasefire for one year as part of retaliatory measures.
With investments in technology increasing, outpacing overall investments, Li called for “collaborative innovation” and said “we need to embrace open-mindedness and work hand in hand to maintain openness and cooperation.”
This week’s annual planning meeting, the Central Economic Work Conference, follows a high-level meeting in October to draft China’s 2026-30 plan.
It focused on China’s aim to remain a global manufacturing power and build a stronger domestic economy that is more dependent on consumer spending and technological advances.
The Chinese economy recorded its slowest growth in a year at 4.8 percent annually in the last quarter.
But economists expect growth to reach the official 2025 target of around five percent, thanks in part to strong exports.
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