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“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 2335.26₹ billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.
Washington today announced it was starting the process to slap 10-per cent tariffs on another 13736.80₹ 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.
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