BCN-18 China says tit-for-tat tariffs will ‘destroy’ US-China trade

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BCN-18

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China says tit-for-tat tariffs will ‘destroy’ US-China trade

BEIJING, July 11, 2018 (BSS/AFP) – 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 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.”

BSS/AFP/HR/1050