Tianjin: Chinese Premier Li Qiang on Wednesday warned that the supply chains face fragmentation and cross-border investment is declining amid the US tariffs. Addressing the 16th annual meeting of the "New Champions," also known as the Summer Davos, in northern China's Tianjin city, Li said that the international economic and trade landscape is "undergoing a profound change."

According to Anadolu Agency, Li highlighted that the world is witnessing volatile declines in cross-border investment and growing risks of fragmented production and supply chains. He attributed these challenges to the impact on global institutions and the increase in regional collaborations.

Li emphasized Beijing's commitment to addressing these global economic challenges, stating that China is willing "to do whatever it takes to help tackle" the difficulties. He expressed confidence in China's ability to maintain robust economic growth and noted the rapid rise of the Global South.

The remarks from the Chinese Premier come in the context of the US imposing reciprocal tariffs on several countries, including China, which has disrupted the global economy. Although the Trump administration later suspended these tariffs for 90 days, until early July, the situation remains tense as Washington engages in trade talks with various countries.

*Writing by Islamuddin Sajid*