FM spokesman wishes overseas Chinese happiness, auspiciousness in Year of Horse

Chinese Foreign Ministry spokesman Lin Jian on Friday wished overseas Chinese happiness and auspiciousness in the Year of the Horse.

Lin extended the Spring Festival wish at a regular press conference when introducing relevant arrangements for the Chinese Foreign Ministry's "Embracing the Chinese New Year" special program for overseas Chinese.

"Since 2023, the Chinese Ministry of Foreign Affairs and our embassies and consulates have been holding the 'Embracing the Chinese New Year' special program to convey to overseas Chinese the care and support from the Communist Party of China (CPC) Central Committee. The program is aimed to deliver the CPC Central Committee’s care for overseas Chinese, and organize cultural events that celebrate the festival and serve as cultural bridges. The program is warmly welcomed abroad," said Lin.

"As we celebrate the Spring Festival, our thoughts turn all the more to Chinese people living abroad. During the Spring Festival of the Year o f the Horse, the Chinese Foreign Ministry will continue this special program. In addition to paying visits to overseas Chinese, our embassies and consulates will hold a variety of Spring Festival celebration activities across the world, invite more overseas Chinese and friends from other countries to join the interactions of different cultures, and let overseas Chinese feel the warmth and care from the motherland in a festive atmosphere," said Lin.

"Taking this opportunity, I wish overseas Chinese happiness and auspiciousness in the Year of the Horse!" said the spokesman.

FM spokesman wishes overseas Chinese happiness, auspiciousness in Year of Horse

U.S. firms and consumers shouldered nearly 90 percent of the economic burden from last year's sweeping tariff hikes, contradicting the Trump administration's argument that the levies are paid by foreign trading partners, according to a report issued by the Federal Reserve Bank of New York on Thursday.

The study reveals that as average U.S. import tariffs surged from 2.6 percent to 13 percent in 2025, foreign exporters largely declined to absorb the added costs by lowering their prices.

Instead, the economic impact fell predominantly on domestic entities: during the first eight months of the year, 94 percent of the tariff incidence was borne by U.S. importers and consumers. That share remained elevated at 92 percent in September and October, dipping only slightly to 86 percent in November.

The findings align with a separate analysis published this week by the U.S. Congressional Budget Office, which estimated that about 70 percent of tariff costs were ultimately transferred to American consumers through higher retail prices on imported goods.

US firms, consumers absorb nearly 90 pct of tariff costs in 2025: bank report