INSUBCONTINENT EXCLUSIVE:
On Friday, the US imposed 25-percent tariffs on around $34 billion in Chinese goods.(File)Beijing, China: China on Wednesday 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 $200 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 $34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from
Beijing.Washington on Tuesday announced it was starting the process to slap 10-percent tariffs on another $200 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
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."(This story has not been edited by
TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
