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.”
People walk out of a branch of Mashreq bank at Dubai Internet City on Feb. 5, 2012. — Reuters/FileKARACHI: Mashreq...
A Dubai Islamic Bank building seen in this undated photo. — The News/File KARACHI: Dubai Islamic Bank Pakistan...
The picture shows the building of the Securities and Exchange Commission of Pakistan photo. The News/FileISLAMABAD:...
A representational image of gold bangles. — AFP/FileKARACHI: Gold prices in the local market dropped by Rs500 per...
This representational image shows the Electric Cars. — Unsplash/FileNew York: Global policymakers are imposing new...
This image portrays a "Tax Return" written by a typewriter. — Unsplash/FileLAHORE: The government is planning to...