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Trade deals and reform of WTO are better than trade wars

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Trade deals and the reform of WTO are better than trade wars. Trade wars will lead to recession, while trade deals will boost economy, said Donald Tusk, president of the European Council, on Saturday. He called for putting a stop to trade wars.

Axar.az reports citing Xinhua.

"Trade wars among G7 members will lead to eroding the already weakened trust among us," he said during a press conference prior to the G7 summit.

U.S. President Donald Trump tweeted Friday that the U.S. will raise existing duties on 250 billion dollar of Chinese products from 25 percent to 30 percent beginning on Oct. 1, and another 300 billion dollar worth of Chinese imports will see tariff rise from 10 percent to 15 percent on Sept. 1.

If Trump uses tariffs for political reasons it would be risky to the whole world, including the European Union, Tusk told reporters.

China is firmly opposed to the U.S. announcement that it will further raise the tariffs on about 550 billion U.S. dollars of Chinese imports, said a spokesperson of the Ministry of Commerce (MOC) Saturday.

"Such unilateral and bullying acts of trade protectionism and extreme pressure run counter to the consensus of the heads of state of China and the United States, and run counter to the principles of mutual respect, equality and mutual benefit," the spokesperson said.

Date
2019.08.25 / 11:13
Author
Axar.az
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