Chinese state media has warned Trump not to weaponise tariffs over fentanyl, highlighting the risks of reigniting damaging trade tensions with the US.
Economists warn of rising costs and slowed growth as Trump’s fentanyl-related tariff threats revive fears of a damaging trade conflict with China . / Photo: AP
The two superpowers are setting out their positions ahead of the former president's return to the White House. Trump's first term resulted in a trade war that uprooted global supply chains and hurt every economy as inflation and borrowing costs shot up. "There are no winners in tariff wars. If the US continues to politicise economic and trade issues by weaponising tariffs, it will leave no party unscathed."Economists have begun downgrading their growth targets for China's $19 trillion economy for 2025 and 2026 in anticipation of further tariffs promised by Trump during the election campaign, and are warning Americans to brace for an increase in the cost of living.
Trump is threatening Beijing with far higher tariffs than the 7.5%-25% levied on Chinese goods during his first term. Chinese President Xi Jinping told former Singaporean Prime Minister Lee Hsien-loong that China's economy would continue to grow and develop in the long term during a meeting in Beijing on Tuesday after Trump's comments, state news agency Xinhua said.
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