China warns ‘unprecedented huge risks’ to global economy from US tariffs – Times of India-OxBig News Network

China’s finance minister has criticized US tariffs for introducing “unprecedented huge risks” to global economic stability, according to a ministry publication released Tuesday. Simultaneously, China’s foreign ministry, via state-run Xinhua news agency, stated that the US must change its “threatening” stance if it hopes to reach any agreement. The ongoing trade dispute between the two major economies continues to escalate. US President Donald Trump has imposed tariffs of up to 145 per cent on Chinese goods, while Beijing has retaliated with 125 per cent duties on American imports. Speaking at an Asian Development Bank (ADB) conference in Milan that began on Sunday, Finance Minister Lan Fo’an refrained from directly naming the US but attributed rising risks to “a certain country (that) has launched tariff wars and trade wars.” “The current international situation is becoming more turbulent and chaotic, unilateralism and protectionism are on the rise,” he said, urging ADB members to uphold multilateral institutional regulations. Foreign ministry spokesperson Lin Jian, in a routine press briefing reported by Xinhua, said, “If a negotiated solution is truly what the United States wants, it should stop threatening and exerting pressure, and seek dialogue with China based on equality, respect and mutual benefit.” He added, “China’s position is consistent and clear: We will fight, if fight we must. Our doors are open, if the United States wants to talk.” China’s commerce ministry hinted at possible trade talks on Friday, stating it was “currently evaluating” American negotiation proposals. However, it emphasized that Washington must first lift “unilateral tariffs” on Chinese goods—a condition Trump dismissed in an interview with NBC recorded Friday. In the interview, aired on Sunday, Trump asserted that China’s economy was “collapsing.” When asked about removing tariffs to encourage negotiations, he responded, “Why would I do that?” China has repeatedly affirmed its readiness to continue the trade conflict “to the end” if necessary. A video shared by its foreign ministry on social media declared the country would “never kneel down.” The tariff battle has disrupted markets and supply chains in both nations. Chinese manufacturing declined in April, with officials attributing the downturn to a “sharp shift” in global economic conditions. Meanwhile, US statistics released last Wednesday showed economic contraction in the first quarter, partly due to a spike in imports driven by Trump’s tariff policy.