China Premier: Tariffs "Severe Blow" to World Economy; Record $1T Surplus

• Chinese Premier Li Qiang warned that rising global tariffs have delivered a "severe blow" to the world economy.
• China's trade surplus has exceeded $1 trillion, despite a 29% drop in exports to the US in November.
• China has diversified its exports to other markets like Europe, Australia, and Southeast Asia to offset US tariffs.
• Li Qiang urged global partners to counter protectionism, as Beijing faces pressure to reform its export-reliant economy.
• Analysts suggest China's export-heavy model fuels tariff tensions, with little incentive for Beijing to change course.

Why It Matters: Escalating global tariffs and China's trade surplus threaten the world economy.