Chinese MFA: There is no winner in trade war

The US's tariffs as "a blatant defiance of universal principles and a confrontation with the entire world," Chinese Foreign Ministry spokesperson Lin Jian announced on Thursday, Report informs via Global Times.

"The US, driven by self-interest, has weaponized tariffs for extreme pressure and selfish gain. This seriously infringes on the legitimate rights and interests of all countries, seriously violates WTO rules, harms the multilateral trading system based on rules, and shocks the stability of the global economic order," Lin said at a press conference.

"Taking necessary countermeasures to oppose the bullying actions of the US is not only to safeguard our own sovereignty, security, and development interests, but also to uphold international fairness and justice, protect the multilateral trading system, and defend the common interests of the international community. Those who uphold justice gain wide support, while those who act against it have little. The US' reckless and unjust actions are unpopular and will ultimately end in failure," Lin said.

"There is no winner in a trade war. We do not want a trade war, but we are not afraid of fighting one. We will never allow the legitimate rights and interests of the Chinese people to be taken way, nor will we tolerate the undermining of international economic rules and the multilateral trading system," Lin stressed.

US President Donald Trump announced his decision on April 9 to increase tariffs on Chinese goods up to 125%.

Earlier, the Chinese authorities raised tariffs on US products from 34% to 84% in response to Washington's actions.