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China says tit-for-tat tariffs will ‘destroy’ US-China trade, globalization

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US President Donald Trump (L) shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. Donald Trump and Xi Jinping put their professed friendship to the test on November 9 as the least popular US president in decades and the newly empowered Chinese leader met for tough talks on trade and North Korea. / AFP PHOTO / Fred DUFOUR

China’s assistant commerce minister said on Wednesday that the latest proposed tariffs from the United States harms the World Trade Organization system and hurts globalization.

The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.

The Ministry of Commerce’s Li Chenggang said the only correct choice for China-U.S. relations was cooperation, saying these tit-for-tat tariffs will “destroy” trade between the world’s top two economies.

“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.

Li said China’s determination to improve the domestic business environment and its support for the multilateral trading system will not change.