Agencies
China’s finance minister lashed out at US tariffs for bringing “unprecedented huge risks” to the global economy, according to an article published by his ministry on Tuesday. The world’s two largest economies are engaged in a punishing trade war in which US President Donald Trump imposed tariffs reaching 145 percent on many Chinese products and Beijing retaliated with 125 percent duties on imports from the United States.
Lan Fo’an, speaking at an Asian Development Bank (ADB) meeting in Milan that began on Sunday, did not specifically mention the United States but said the risks were the result of “a certain country (that) has launched tariff wars and trade wars”.
“The current international situation is becoming more turbulent and chaotic, unilateralism and protectionism are on the rise,” he said, calling on ADB members to uphold the rules of multilateral institutions. China’s commerce ministry raised hopes on Friday that there could be negotiations with the United States
However, it insisted Washington must first cancel “unilateral tariffs” on China, a step Trump rejected in an interview with NBC recorded on Friday. Trump said in the interview, which aired on Sunday, that China’s economy was “collapsing”. Asked if he would drop tariffs to get China to the negotiating table, he said: “Why would I do that?” Beijing has repeatedly pledged to fight a trade war “to the end” if needed, with a video posted by its foreign ministry on social media last week vowing it would “never kneel down”.
