US has ignited largest trade war in economic history: MOC

2018-07-06
Xinhua

BEIJING — With the 25-percent additional tariffs on Chinese products worth $34 billion effective on July 6, the United States has ignited the largest trade war in economic history, said a Ministry of Commerce (MOC) spokesperson.

These tariffs violate the World Trade Organization (WTO) rules and represents a typical “trade bully”, posing a grave threat to the security of global industry and value chains.

Moreover, it will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers.

Instead of serving the interests of US companies and people, the move will prove to be counter-productive and damaging.

The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the core national interests and interests of its people.

China will report the relevant situations to the WTO in time, and stand with other countries in defending free trade and multilateral mechanisms.

The ministry also reiterates China’s unswerving commitment to deepening reform and expanding opening-up, protecting entrepreneurship, strengthening protection of intellectual property rights, and creating a good business environment for foreign-invested companies in China.

The MOC will continuously assess the impact on affected companies and take effective measures to offer them support.