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
Bahri profit rises 12% to $647m in 2025 as oil shipping boosts earnings
RIYADH: The National Shipping Co. of Saudi Arabia, also known as Bahri, posted a 12.07 percent increase in annual profit as stronger tanker earnings and higher global freight rates boosted results.
Net profit attributable to shareholders reached SR2.43 billion ($647.46 million) in 2025, compared with SR2.17 billion a year earlier, according to a filing on Saudi Exchange.
Revenue for the year ended Dec. 31, 2025, rose 9.12 percent to SR10.35 billion, compared with SR9.48 billion in 2024, while gross profit increased 14.71 percent to SR3.10 billion.
Highlighting the main reason for the increase in net profit during the current year, the company said: “The increase in gross profit of Bahri Oil BU by SR755 million mainly due to improved operational performance and global shipping rates during the current year compared to the last year.”
It added: “The increase in the company’s share of results of equity-accounted investees by SR134 million during the current year compared to the last year.
However, the gains were partly offset by declines in other areas. Gross profit from the chemicals business unit fell by SR324 million, while the integrated logistics unit recorded a SR37 million decrease.
The company’s operating profit climbed 4.67 percent year on year to SR2.73 billion, reflecting improved operational performance across several business units.
Bahri said the increase in revenue was driven primarily by higher activity in multiple divisions, particularly its oil business unit, where revenue rose by SR1.26 billion due to increased operational activity and higher global shipping rates.
The growth in revenue was partially offset by lower performance in other segments.
Revenue from the chemicals business unit declined by SR396 million, while the dry bulk unit recorded a decrease of SR87 million compared with the previous year.
Bahri also reported a SR138 million decline in other income, mainly due to lower capital gains from vessel sales.
The company recorded SR216 million in gains from vessel sales in the previous year compared with SR6 million in the current year. Higher general and administrative expenses and increased finance costs also weighed on profitability.
Total comprehensive income attributable to shareholders reached SR2.38 billion, up 8.65 percent from SR2.19 billion in the previous year.
Total shareholders’ equity rose 12.07 percent to SR15.27 billion, compared with SR13.63 billion a year earlier, while earnings per share increased to SR2.63 from SR2.35.
Separately, Bahri’s board of directors recommended the distribution of cash dividends totaling SR922.85 million for the 2025 fiscal year, equivalent to SR1 per share.
The proposed dividend represents 10 percent of the share’s par value and will be distributed to shareholders owning 922.85 million eligible shares, subject to approval at the company’s upcoming general assembly meeting. The eligibility and distribution dates will be announced at a later stage.
