Chinese Premier Denounces Unilateral Trade Moves, Defends Rules-Based System

Chinese Premier Li Keqiang on Wednesday stressed the importance of the international trading system based on equality and mutual respect, hinting at trade tensions with the United States.

BEIJING (UrduPoint News / Sputnik - 19th September, 2018) Chinese Premier Li Keqiang on Wednesday stressed the importance of the international trading system based on equality and mutual respect, hinting at trade tensions with the United States.

"We think that in these circumstances there is the need for mutual respect, cooperation based on equality as well as the need to defend basic principles of multilateralism and free trade ... Problems cannot be resolved by unilateral moves," Li said at the opening plenary of the World Economic Forum in China's Tianjin.

On Monday, US President Donald Trump said the United States would impose fresh 10-percent tariffs on $200 billion of Chinese goods starting on September 24.

On January 1, the tariffs are expected to rise to 25 percent.

China hit back at the United States with $60 billion of new tariffs, which will also enter into force on September 24.

China-US trade tensions escalated in March after Trump announced import tariffs on steel and aluminum. Since, Washington and Beijing have imposed several rounds of tit-for-tat tariffs, with bilateral trade consultations so far failing to halt the mounting trade war.