Chinese President Xi Jinping warned against any efforts to unwind globalization in his first major remarks since Donald Trump won the US presidential election after threatening to impose tariffs as high as 60% on the world’s second-biggest economy.

Beijing might have little choice but to reconfigure its economy should it become embroiled in a broader trade conflict.

As leaders from across the world gather for two major summits in South America in the coming days, the uncertainty brought by Donald Trump’s impending return to the White House is expected to loom large.

US President Joe Biden and Chinese counterpart Xi Jinping will attend the first day of an Asia-Pacific leaders' summit Friday ahead of a face-to-face meeting under a cloud of diplomatic uncertainty cast by Donald Trump's election victory.

"Well, look, he is," Biden said when asked whether he stands by his assessment that Chinese President Xi Jinping is a dictator.

Right after praising progress made during a meeting between the two leaders, the U.S. President called his Chinese counterpart a dictator in response to a question from the press.