China's Premier Warns Tariffs Hurt Global Trade as $1 Trillion Surplus Fuels Tensions

China's Premier Li Qiang has urged trading partners to reject rising protectionism, stating that the tariffs are severely impacting the global economic activity. His comments comes one day after the country reported a record $1 trillion trade surplus due to surge in exports to Europe, Australia, and Southeast Asia as U.S. import tariffs pushed shipments to other destinations. Li urged the IMF, World Bank, WTO, and others to protect free trade as more economies impose levies on imported goods. China is under pressure to reform its export-driven economy to boost share of global consumption. Analysts say China's massive trade surplus and its unwillingness to shift away from an export-driven economy are directly fueling the rise of global tariffs. Despite international pressure, Beijing shows little inclination to change course, leading to increased competitive tensions.