China’s foreign minister warned that Beijing will continue to retaliate against what he described as the United States’ “arbitrary tariffs,” as global market turmoil deepened.
Speaking at a press conference, Wang Yi accused Washington of responding to goodwill with hostility, stating that US policies have exacerbated tensions rather than fostering cooperation.
His remarks came as the FTSE 100 and European stock markets fell, following declines in Wall Street and Asian markets. Investor sentiment remained weak after President Trump’s latest tariff delays failed to restore confidence.
Wang also criticized the US for imposing punitive tariffs despite China’s efforts to help combat America’s fentanyl crisis.
“No country should assume it can suppress China while maintaining good relations with us at the same time,” Wang said on the sidelines of Beijing’s annual parliamentary session. “Such two-faced actions undermine stability and erode mutual trust.”
He further warned that if other nations followed Washington’s approach, the world would descend into an international “law of the jungle.”
“Smaller and weaker nations would suffer first, and global order would face severe disruption,” he cautioned. “Major countries must uphold their international responsibilities rather than exploiting and intimidating the weak.”
China’s Imports Slump Amid Trade War Uncertainty
China’s imports fell sharply in the first two months of the year, as escalating trade tensions with the US dampened confidence.
New customs data revealed that shipments to China declined by 8.4% year-on-year in January and February, totaling $369.4 billion (£285.6 billion), significantly missing analysts’ forecasts of 1% growth.
Beyond weakening domestic demand, the drop also signaled a slowdown in the purchase of raw materials and components for re-export, as businesses grew wary of the impact of looming US tariffs.
Last year, China’s exports surged to a record high, providing an economic buffer amid sluggish consumption and a property sector crisis. Economists had projected a 5% year-on-year rise in exports for 2025.
“China’s economy got off to a weak start in 2025, with exports growing just 2.3% in the first two months,” said Lynn Song, chief economist for Greater China at ING. “A sharp slump in imports, meanwhile, resulted in a bigger-than-expected trade surplus.”
Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, suggested that the slowdown could partly stem from businesses front-loading exports late last year to mitigate trade war risks.
Julian Evans-Pritchard of Capital Economics warned that the decline is a harbinger of further weakness. “This slowdown comes before any substantial hit from tariffs, which will almost certainly lead to sharp falls in shipments to the US before long,” he said.
The full impact of Washington’s latest tariff hikes—two rounds of 10% blanket increases in early February and this week—will likely become more apparent next month.
Despite falling imports, China’s overall trade surplus expanded to $170.5 billion in the first two months of the year.
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