16:20 GMT +314 November 2018
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    A US 100-dollar banknote with a portrait of Benjamin Franklin and Chinese 100-yuan banknotes with portrait of late Chinese Chairman Mao Zedong are seen in the picture illustration in Beijing, China

    Chinese Foreign Affairs Director Warns of Economic Detriments Amid Trade War

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    Asia & Pacific
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    WASHINGTON (Sputnik) - Trade tensions between the United States and China will damage both countries as well as the global economy, Chinese Foreign Affairs Director Yang Jiechi said during a joint press conference with senior US officials at the Department of State on Friday.

    "A trade war, instead of leading to any solution, will only end up hurting both sides and the global economy," Yang told reporters. Yang pointed out that bilateral commercial relations have been mutually beneficial and have produced gains for both China and the United States.

    However, the issues that have developed from differences in economic structures can be resolved through dialogue and consultation, Yang said.

    China has been open to talks and continues to be in favor of finding solutions through diplomatic engagements, Yang noted.

    Moreover, Yang expressed hope that US President Donald Trump and Chinese President Xi Jinping will continue their productive relationship and follow through on mutual commitments.

    READ MORE: China Slashes Tariffs on Imported Goods as US Ramps Up Trade War — Scholars

    Trump is expected to meet Xi during the G-20 summit in Argentina at the end of November.

    China and the United States are currently engaged in a trade war triggered by Trump's announcement in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, in a bid to fix the US-Chinese trade deficit. Since then, the two countries have imposed several rounds of tit-for-tat tariffs, levying duties on billions of dollars of each other's goods.

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    impact, economy, trade war, China, United States
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