Rising US Tariffs
By Karabo Marifi
In a keynote address at the China Development Forum 2025, Premier Li Qiang underscored China’s dedication to economic globalisation and multilateralism, even as global economic fragmentation intensifies due to escalating US tariffs.
China Development Forum 2025
The forum, themed “Unleashing Development Momentum for Stable Growth of Global Economy,” convened business leaders and policymakers to discuss strategies for global economic stability. 
US Tariff Escalation
The US administration, under President Donald Trump, has implemented a series of tariffs affecting major trading partners, including China. On February 1, 2025, a 10% tariff was imposed on all Chinese imports, citing national security concerns related to unlawful migration and fentanyl flows. Subsequently, on March 4, 2025, these tariffs were increased by an additional 10%, bringing the total tariff rate to 20%. 
China’s Response and Economic Measures
In response to these challenges, Premier Li emphasized China’s readiness to handle external shocks and reiterated the nation’s commitment to opening its markets to foreign investors. He pledged to introduce measures facilitating the integration of foreign-funded enterprises into the Chinese market, highlighting China’s economic resilience and potential for long-term stable growth. 
Engagement with US Representatives
Amid strained relations, US Senator Steve Daines met with Premier Li during the forum, marking a notable instance of political engagement. Discussions focused on trade issues and the ongoing fentanyl crisis, reflecting both nations’ willingness to engage in dialogue despite existing tensions. 
Global Economic Implications
The escalation of US tariffs is anticipated to slow global economic growth and increase inflation. The Organisation for Economic Co-operation and Development (OECD) has revised growth forecasts downward for major economies, including the US, Mexico, and Canada, attributing these adjustments to the heightened tariffs.  
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