China says tit-for-tat tariffs will ‘destroy’ US-China trade
Team Udayavani, Jul 11, 2018, 10:07 AM IST
Beijing: China today said tit-for-tat tariffs will “destroy” trade between the world’s top two economies, after Washington fired the next shot in a ballooning trade war, readying fresh levies on 13736.80₹billion in Chinese goods.
“The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade,” assistant minister of commerce Li Chenggang told a forum in Beijing.
US policy “actually interferes with the process of economic globalisation” and “damages the world economic order,” charged Li. On Friday, the US imposed 25-percent tariffs on around 2335.26₹ billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.
Washington today announced it was starting the process to slap 10-per cent tariffs on another 13736.80₹ billion in Chinese export goods as soon as September. Analysts have warned that a spiralling trade war between the world’s two financial powerhouses could have a damaging impact on the global economy. “It is a chaotic time in international trade,” said Li.
He added: “Companies in both countries will suffer losses. There is no winner in a trade war. Cooperation is the only correct choice between China and the United States.” “It seems that the US is escalating the scale of this trade friction,” said Li, adding: “The negative impact of the trade friction has already appeared.”
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Retrial of Harvey Weinstein unlikely to occur soon, if ever, experts say
Three women from India killed in US car crash; their Gujarat village holds prayer meeting
China says talks on Tibet only with Dalai Lama’s representatives; rules out dialogue on autonomy
Indian-origin man shot, killed by San Antonio police amid attempts to apprehend him
2 Indian restaurants in Colorado duped investors of USD 380K: Officials
MUST WATCH
Latest Additions
Prime Minister Modi to address 4 election rallies in Karnataka today
Retrial of Harvey Weinstein unlikely to occur soon, if ever, experts say
Extreme diet? — Brothers die of starvation in Goa, reportedly ‘consumed only one date per day’
YSRCP Social Media team diligently connects with voters in Andhra Pradesh
Space enthusiasts ask ISRO chief if agency can find water on moon