Speaking at the Association of Southeast Asian Nations (ASEAN) Summit in Kuala Lumpur, Malaysia, Li’s remarks came a day after both China and the United States announced that they had reached an "initial consensus" on a possible trade deal. Washington also confirmed that the proposed 100% tariff on Chinese goods was now "off the table."
"Economic globalisation and multipolarity are irreversible. The world should not return to the law of the jungle, where the strong bully the weak," Li said, as quoted by AFP, a clear reference to the Trump administration’s tariff measures against several countries, including China.
Trump and Xi are expected to meet on Thursday in South Korea to seek an agreement that could end the ongoing trade war between the two nations. Speaking en route to Japan, Trump said he was "hopeful of a deal" when he meets Xi.
US Treasury Secretary Scott Bessent told CBS News on Sunday that Trump’s threat to impose an additional 100% tariff on Chinese goods “has gone away.”
The proposed tariffs were part of Washington’s response to Beijing’s expanded export controls on rare earth materials, which are vital for global industries such as electronics and defence.
“We had a very good two-day meeting. I believe that the additional 100% tariff is effectively off the table. The threat of its imposition has gone, as has the threat of China initiating a global export control regime,” Bessent said.
China confirmed that a “basic consensus” had been reached on a potential trade deal with the United States, according to a report by Xinhua. The understanding followed two days of discussions between Chinese Vice Premier He Lifeng and a US delegation led by Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer on the sidelines of the ASEAN Summit in Kuala Lumpur.
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