Global trade tensions ‘intensifying'; Chinese Premier warns

Global trade tensions are escalating, Chinese Premier Li Qiang cautioned on Wednesday at the opening of the World Economic Forum’s “Summer Davos” in the northern port city of Tianjin.

Speaking before delegates that included Singapore’s Prime Minister Lawrence Wong, Li said the world economy is “undergoing profound changes,” a pointed nod to the sweeping tariffs levied by U.S. President Donald Trump.

“Protectionist measures are on the rise, and economic and trade frictions are intensifying,” he told the gathering. “In a deeply integrated global economy, no country can thrive in isolation. We need cooperation that delivers win-win outcomes, not a ‘law of the jungle’ where the weak are at the mercy of the strong.”

Turning to domestic prospects, China’s second-ranking official offered an upbeat assessment of his country’s outlook despite headwinds from softer growth and subdued consumer spending.

“China’s economy continues to expand steadily, providing solid support for the global recovery,” he said, noting that Beijing is “accelerating efforts to boost domestic demand” and transform the nation into a “major consumption powerhouse” built on its long-established manufacturing strength.