U.S. President Donald Trump has raised tariffs by 20% on China since January over its alleged role in the U.S. fentanyl crisis, and threatened a swath of new tariffs.

China is prepared for “possible unexpected shocks,” Premier Li Qiang told a gathering of global executives in Beijing, where he urged them to “resist protectionism” and defend globalization.

Chinese President Xi Jinping vowed to improve market access at a meeting with a group of global business leaders in Beijing, in an effort to boost investor sentiment as rising tariffs fuel uncertainty for the economy and international trade.