China slams the US decision to hike car tariffs to 25%. The move is seen as an escalation of the trade war between the two countries. Beijing says no one wins in a trade war.
China’s foreign ministry spokesman, Geng Shuang, condemned the US move. He said it would hurt both countries and the global economy. Geng also hit back at US claims that China’s investments in the Caribbean were predatory. He said China’s cooperation with other countries was based on mutual respect and benefit.
The US announced the tariffs on cars last Wednesday. The White House said the move would boost US manufacturing. But it could hurt car makers that rely on global supply chains.
The tariffs are expected to generate $100 billion in revenue for the US government each year. But they could also lead to higher costs for car makers and lower sales. The move has been met with criticism from world leaders. It may escalate the trade war, hurting global economic growth.
Source: AP