Kremlin spokesman Dmitry Peskov denounced Washington's recent move to introduce wide-ranging tariff increases, warning that the step is bad for the stability of the world economy.
"We are watching what is going on very closely, and it continues to be very volatile and emotional," Peskov said in his standard daily press briefing on Monday.
He referred to the United States' broad tariff moves against several countries as one of the principal reasons for increased economic uncertainty and gloomy global market outlook.
"Of course, we are doing and will do everything that is needed to reduce the impact of this worldwide economic turmoil on our economy," he added, Xinhua news agency reported.
US President Donald Trump signed an executive order last Wednesday to approve what he called "reciprocal tariffs." This meant imposing a minimum 10 per cent tariff rate, with much higher duties against certain trade partners.
Financial markets across the Asia-Pacific region plunged on Monday, dropping sharply in response to concerns of an impending global economic downturn spurred by the United States' recent trade policy actions.
At the same time, China's Foreign Ministry also gave a stern condemnation, asserting the unilateral tariff actions gravely impede the developmental rights of nations, especially those in the Global South. The ministry cautioned that Washington's actions are sure to be met with widespread disapproval across the world.
In a daily briefing, Chinese Foreign Ministry spokesman Lin Jian stated, "The United States, hiding behind the shield of 'reciprocity,' acted in a way that seeks to pursue its own interests at the cost of other countries' rightful benefits." Lin continued to call the policy change an instance of "unilateralism, protectionism, and economic bullying," declaring it motivated by an "America First" approach that ignores international norms.
He observed that the Chinese government already declared its strong condemnation of what it believes to be the United States abuse of tariffs.
As WTO data quoted by Xinhua shows, the expanding power disparity and economic disparities between countries are expected to further deteriorate under the US tariff regime. Developing countries, especially, may be hit hard by serious economic reversals. Lin underscored that such a situation may seriously hamper efforts towards meeting the UN's 2030 Sustainable Development Goals.
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