Friedland Highlights China’s Reduced Reliance on US Amid Potential Trade Tariffs
China has strategically reduced its exposure to the US economy since Donald Trump’s first presidential term, positioning itself to better withstand potential trade tariffs from the president-elect, according to Robert Friedland, co-chairman of Canadian miner Ivanhoe Mines Ltd.
“China still holds significant leverage,” Friedland said in a Bloomberg TV interview from Sydney. “Its exports to the US are now much lower compared to the first Trump administration, meaning China is less vulnerable to US tariffs than it was seven or eight years ago.”
As part of his manufacturing agenda, Trump has proposed imposing 60% tariffs on Chinese goods. Friedland noted that Beijing is closely watching to see if Trump follows through on this commitment, suggesting that China could respond with policies aimed at striking a mutually beneficial deal.
“China is actively stimulating consumer demand to address challenges with local government debt,” Friedland added, projecting confidence in the country’s economic resilience over a three- to five-year outlook.
With Chinese equity markets becoming more attractive relative to some US stocks, Friedland pointed out that many overseas investors are showing increased interest in expanding their China portfolios.
Friedland also remarked on Trump’s decision to surround himself with figures like Elon Musk and other Silicon Valley innovators, viewing this as a positive step for the US.
“Trump may approach his second administration with a CEO mindset,” he said. “The presence of dynamic, tech-savvy leaders around him leaves me optimistic about the US’s future.”
