India July 11(IM): Intensifying the trade war, the U.S. began the process of imposing tariffs of 10% on an additional $ 200 billion of Chinese imports.
China on Wednesday said tit-for-tat tariffs will destroy trade between the worlds 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, Assistant Minister of Commerce Li Chenggang told a forum in Beijing.
The U.S.policy actually interferes with the process of economic globalisation and damages the world economic order, charged Mr. Li.
On Friday, the U.S. imposed 25-percent tariffs on around $ 34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.
Washington on Wednesday announced it was starting the process to slap 10-per cent tariffs on another $ 200 billion in Chinese export goods as soon as September.
Analysts have warned that a spiralling trade war between the worlds two financial powerhouses could have a damaging impact on the global economy.
It is a chaotic time in international trade, said Mr. Li.
He added: Companies in both countries will suffer losses. There is no winner in a trade war. Cooperation is the only correct choice between China and the United States. It seems that the US is escalating the scale of this trade friction, said Mr. Li, adding: The negative impact of the trade friction has already appeared.