BEIJING: Any trade war with the United States will only bring disaster to the world economy, Chinese Commerce Minister Zhong Shan said on Sunday, as Beijing stepped up its criticism on proposed metals tariffs by Washington amid fears it could shatter global growth.
After pressure from allies, the United States has opened the way for more exemptions from tariffs of 25 percent on steel imports and 10 percent on aluminum that US President Donald Trump set last week.
But the target of Trump’s ire is China, whose capacity expansions have helped add to global surpluses of steel. China has repeatedly vowed to defend its “legitimate rights and interests” if targeted by US trade actions.
Zhong, speaking on the sidelines of China’s annual session of parliament, said China does not want a trade war and will not initiate one.
“There are no winners in a trade war,” Zhong said. “It will only bring disaster to China and the United States and the world.”
However, China can handle any challenges and will resolutely protect its interests, he said.
China’s metals industry issued the country’s most explicit threat yet in the row, urging on Friday for the government to retaliate by targeting US coal — a sector that is central to Trump’s political base and his election pledge to restore American industries and blue-collar jobs.
The US is the world’s biggest importer of steel, purchasing 35 million tons of raw material in 2017. Of those imports, South Korea, Japan, China and India accounted for 6.6 million tons.
Trade tensions between China and United States have risen since Trump took office. China accounts for only a small fraction of US steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.
China says trade war with US will only bring disaster to global economy
China says trade war with US will only bring disaster to global economy
Eric Trump says Saudi Arabia’s stock market reforms will attract billions of dollars
RIYADH: Eric Trump has praised Saudi Arabia’s decision to open up its stock market to foreign investors, stating that billions of additional dollars are set to flow into the Kingdom.
Speaking to Asharq Al-Awsat, the businessman, who is the executive vice president of the Trump Organization, also lauded the recent development projects taking shape in Riyadh, especially in Diriyah.
The Kingdom has announced its financial markets will be open to all foreign investors from Feb. 1, with the removal of restrictions such as the Qualified Foreign Investor framework, which required a minimum of $500 million in assets under management, and the abolition of swap agreements.
Reflecting on the decision, Trump said: “Some of the new legislation allowing foreign inward investment in Saudi Arabia, I think that’s going to open up possibilities for billions of dollars to flow into the market.
“Obviously opening up the actual stock markets themselves to new foreign investment, I think that’s going to lead to more billions of dollars coming into the market. I think this is going to help with trade and tourism and so many other things.”
According to Trump, the investment environment in Saudi Arabia is getting better as time progresses, with big brands from across the world entering the Kingdom’s market to tap its potential.
Under the Vision 2030 economic diversification program, Saudi Arabia aims to attract $100 billion annually in foreign direct investments.
“Every day, the investment environment gets better and better. You’ve got the biggest brands in the world that are coming in. All of those brands are making a tremendous amount of noise,” added Trump.
A report released by Saudi Arabia’s General Authority for Statistics in December revealed that foreign direct investment net inflows reached SR24.9 billion ($6.64 billion) in the third quarter of 2025, representing a 34.5 percent increase compared to the same period a year earlier.
Trump made the comments as it was announced Saudi real estate developer Dar Global will launch two Trump-branded luxury projects in Riyadh and Jeddah with a combined value of $10 billion.
The projects include the Trump National Golf Course and Trump International Hotel in Riyadh’s Diriyah.
Commenting on the appeal of Saudi Arabia, Trump said: “The vision of the city, the vision of what’s happening in Riyadh, especially Diriyah, it’s incredible. I’ve never seen anything like it in my life.”
He later added: “The vision of what the new Riyadh is going to be, and the vision for all of Saudi Arabia as it continues to open up — you see all these great financial reforms, which should make more inward investment in Saudi Arabia inevitable. It’s incredibly exciting.”
Trump went on to say that “the best days for Saudi Arabia are ahead,” adding: “Even in the six or seven years that I’ve been coming to the country, it’s amazing what’s been built, what’s been done. And I think the country should be incredibly proud of itself.”
