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7/14, 10:55 AM (Source: TeleTrader.com)
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China: Trade war will have no winners

China's Central Foreign Affairs Commission Director Yang Jiechi (pictured) warned on Saturday that nobody will profit from a trade war.

"There will be no winner from a trade war, only a lose-lose outcome. China doesn't want a trade war, but China is not afraid of it," Yang noted. He added that China always stood against unilateralism and protectionism in trade which have "jeopardized global growth" for some time now. According to the official, Beijing intends to cooperate with all parties to ensure a "free trade and the multilateral trading regime " which is in every country's interest.

Trade tensions between the United States and China have escalated following US resident Donald Trump's decision to introduce a set of measures targeting Chinese imports, with the latest one being a 10% tariff on $200 billion worth of products. Meanwhile, US Treasury Secretary insisted that the Trump administration's tariffs against China, as well as those on steel and aluminum imports on a global level, have not had a negative impact on the business sentiment.

Breaking the News / NP