Lan Kwai Fong Group Chairman Allan Zeman on Friday expressed firm confidence in China amid the tariff melodrama initiated by the United States, saying that “the US needs China more than China needs the US”.

The Canada-born magnate, who spent his formative years in the US before building his four-decade business career in Hong Kong, said he has observed a decisive shift in global power dynamics — China has emerged as a strong and independent nation in economic and technological powerhouse, with young professionals returning, and global trust pivoting eastward.

Meanwhile, he said, the US — despite its historical dominance — faces mounting challenges, including domestic inequality, political instability, and self-inflicted damage from tariff wars that have driven traditional allies toward China.

READ MORE: China hits back at US tariffs to defend rules-based trade

“All the allies who before depended on the US, it put tariffs on them. It’s like the enemy now. So we all look at China now as the good guy, it's a different world now,” Zeman said.

The business leader emphasized the US’ critical dependence on Chinese goods — including agriculture, minerals essential for electronics, electric vehicles (EVs), and smartphones. Nearly 90 percent of vital minerals are sourced from China.

This dependence became starkly clear when stock prices were falling, emphasizing that without Chinese supplies, shelves would empty, prices would surge, and public discontent would grow, he said.

Zeman added that China has diversified markets including the Belt and Road Initiative’s 155 countries and BRICS consumers.

READ MORE: China says US tariff hikes no longer make economic sense

Zeman said he believes that ultimately, China still holds the upper hand in this relationship. “The US needs China more than China needs the US.”

Contact the writer at stacyshi@chinadailyhk.com