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Friday, July 06, 2018, 20:01
Li says trade war has no winner as China slaps counter tariffs
By China Daily & Xinhua
Friday, July 06, 2018, 20:01 By China Daily & Xinhua

In this March 22, 2018 file photo, Chinese Premier Li Keqiang addresses a government report on behalf of the State Council at a meeting of the 13th National People's Congress in Beijing, China. Li said on July 6, 2018 that no one will win by fighting a trade war, yet China will take counter measures in the face of unilateral moves.  (YAO DAWEI / XINHUA)

SOFIA/BEIJING - Chinese Premier Li Keqiang said here Friday that no one will win by fighting a trade war, yet China will take counter measures in the face of unilateral moves. 

Chinese Premier Li Keqiang, on an official visit to Bulgaria, said China will take counter measures in the face of unilateral moves

He made the remarks while meeting the press with Bulgarian Prime Minister Boyko Borissov. 

Li is in Sofia, Bulgaria, for an official visit to the European country, and to attend the seventh leaders' meeting of China and 16 Central and Eastern European Countries. 

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China imposed counter-tariffs on some import products from the United States at 12:01 pm Friday immediately after new US tariffs took effect, the country's customs authority said.

In response to the US announcement to impose additional duties on Chinese imports, the Customs Tariff Commission of the State Council announced it would levy additional tariffs for 545 items worth about US$34 billion, including agricultural products, vehicles and aquatic products, starting July 6, 2018.

Statistics from China's Ministry of Commerce show that around 59 percent of products worth US$34 billion subject to additional tariffs are made by foreign firms in China, with American firms making up a considerable part. 

On June 28, China unveiled a shortened negative list for foreign investment to widen market access in primary, secondary as well as tertiary sectors. 

Opposition to US protectionism gets vocal

Echoing Li's point of view, people from business communities of different countries have voiced their opposition to US trade protectionism, saying it damages global multilateral trading system and increases chaos and uncertainty of the world economy. 

Kim Sam Soo, director of the Korea Trade-Investment Promotion Agency's Beijing Office, said at a symposium that companies in the Republic of Korea (ROK) are worried about the Sino-US trade frictions. 

Michael House, chief representative of US law firm Perkins Coie in Beijing, said the recent trade policies taken by the United States run against the trend of trade liberalization and breach the obligations of the United States under the World Trade Organization. 

Sebastian Fritz, counsel with the German Industry and Commerce Greater China, also denounced the US trade protectionism, and gave China credit for its commitment to opening-up to the world and to Germany in particular. 

Wang Guiqing, vice president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said that China-US economic and trade cooperation involve more than the two countries. 

"By imposing additional tariffs on the Chinese products, the United States is actually damaging the world's industrial chains, and other countries involved will also suffer," said Wang.

READ MORE: Trump confirms China tariffs to kick in as scheduled

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