China’s UN envoy warned the US on Monday not to launch a trade war against Beijing, emphasising the need for co-operation during a period of growing geopolitical instability.
“The world is entering a very turbulent period. So as the two biggest countries, we don't need to fight each other,” Fu Cong said during a news briefing for the start of China's presidency of the UN Security Council for February.
"I do hope that despite all the rhetoric that we have heard from the American politicians, we can take a constructive and I will emphasise a professional approach to our work here in the United Nations and so much is at stake,” he said.
US President Donald Trump has announced a 10 per cent tariff on Chinese goods, which is expected to take effect on Tuesday. Mr Fu described the move as a breach of World Trade Organisation rules and confirmed that Beijing has filed a complaint with the body.
“There is no winner in a trade war and we do hope that the US should look at his own problems,” he said, adding that China may be forced to take “counter-measures”.
Mr Fu also dismissed US accusations about China’s role in the fentanyl crisis, calling the claims “unwarranted”. Mr Trump has said the illicit flow of fentanyl into the US is a reason for imposing tariffs, accusing Chinese officials of failing to stem the flow of chemical ingredients to criminal groups. The opioid is blamed for about 70,000 overdose deaths annually in the US.
“China is one of the countries that has … the most stringent regulations on fentanyl. We have regulations on all fentanyl-related substances. China is the only country that puts the whole category of fentanyl-related substance under regulation,” Mr Fu said.
He said Washington should "look at the demand side of the fentanyl rather than shifting the blames onto others."
Regarding concerns over Chinese technology, the ambassador urged the US to halt its “knee-jerk reactions” against Chinese firms, giving recent actions against Huawei, TikTok and DeepSeek as examples. “How many more do you want to ban?” he asked.
Mr Fu said that China’s Foreign Minister, Wang Yi, will lead a UN Security Council meeting on multilateralism on February 18 and suggested that it could be a “good chance for dialogue” and an opportunity for US Secretary of State Marco Rubio to engage with Chinese officials.
"We need to work together and fight the common enemies of the world, like terrorism, like climate change," he said. "And so, targeting China is not the right way forward".
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Pros%20and%20cons%20of%20BNPL
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
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