SOFIA: No one will gain from a trade war, Chinese Premier Li Keqiang said on Friday, speaking hours after the United States and China slapped tit-for-tat duties on $34 billion worth of the other’s imports.
“Trade war is never a solution,” Li said at a news briefing with Bulgarian Prime Minister Boyko Borissov in Sofia before a summit with 16 central and eastern European countries.
“China would never start a trade war but if any party resorts to an increase of tariffs then China will take measures in response to protect development interests.”
The United States’ deadline for tariffs to take effect passed at 0401 GMT on Friday and shortly after China said it was forced to retaliate, confirming later after some market confusion that it had implemented retaliatory tariffs.
U.S. President Donald Trump has warned the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.
Li said no one would emerge a winner from a trade war. “It benefits no one and it would undermine the multilateral free trade process,” he said. “If one insists on waging a trade war it would hurt others and themselves.”
A trader works on the floor of the New York Stock Exchange , New York City. — AFP/FileNow that US interest rates...
A general view of al-Atba district of the Egyptian capital Cairo. — AFP/FileCAIRO: Egypt appears on track to break...
A man selling vegetables waits for customers at his makeshift stall at Empress Market in Karachi. — ...
A woman shops in a wet market in Kuala Lumpur, Malaysia. — Reuters/FileKUALA LUMPUR: Malaysia's economy grew faster...
The Pakistan Business Forum logo. — Facebook/pbf.limitedISLAMABAD: The Pakistan Business Forum on Saturday called...
US dollar banknotes are seen in this illustration taken March 10, 2023. — ReutersKARACHI: The government plans to...