Tit-for-tat tariffs will destroy Sino-US trade, impact global economy: China
What's the story
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 $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," China's Assistant Minister of Commerce Li Chenggang said. Here's more.
Bombarding tariffs
US announced a second round of tariffs this month
US policy actually interferes with the process of economic globalization and damages the world economic order, charged Li. On Friday, the US imposed 25% tariffs on around $34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing. Washington today announced it was starting the process to slap 10% tariffs on another $200 billion in Chinese export goods as soon as September.
Cooperation needed
Li says cooperation is the only correct choice
Analysts have warned that this spiraling trade war could have a damaging impact on the global economy. "It is a chaotic time in international trade," said Li. He added that both countries will suffer losses, adding there is no winner in a trade war. "Cooperation is the only correct choice between China and the United States," the Minister said.