China has strategically reduced its reliance on the U.S. economy since Donald Trump’s first term as president, better positioning itself to weather potential trade tariffs, 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 U.S. are now considerably lower than during Trump’s first administration, making it less vulnerable to U.S. tariffs compared to seven or eight years ago.”
Trump has proposed imposing 60% tariffs on Chinese goods as part of his manufacturing agenda. Friedland noted that Beijing is closely monitoring whether Trump will follow through on this pledge, suggesting that China might respond with policies aimed at securing a mutually beneficial agreement.
“China is actively stimulating consumer demand to address challenges with local government debt,” Friedland said, expressing confidence in the country’s economic resilience over the next three to five years.
He also highlighted the growing appeal of Chinese equity markets, which are increasingly attracting foreign investors seeking alternatives to some U.S. stocks.
Commenting on Trump’s approach to leadership, Friedland praised the former president’s decision to align with figures like Elon Musk and other Silicon Valley innovators, describing it as a positive step for the U.S.
“Trump could bring a CEO mindset to his second administration,” Friedland said. “The involvement of dynamic, tech-savvy leaders gives me optimism for America’s future.”
