China on Monday said it was “on the right side of history” in the trade war with the United States. US has imposed a whopping 145 percent levy on the arch rival, which responded with a 125 percent tariff on US goods.
Top Chinese economic official, Zhao Chenxin, said in a news conference that it US’ trade war will backfire.” We firmly believe that if you are against the world and the truth, you will only isolate yourselves. Only by travelling with the world and with morality can we win the future.” He also slammed US for unilateralism and bullying, saying they played “cards out of thin air, bully and go back on their word,” news agency AFP quoted Chenxin as saying.
Beijing also vowed greater steps to shield China’s flagging economy from the impact of the standoff. Chenxin said China will fight “to the end.”
China has admitted that global economic shifts have put pressure on its export-driven economy. “External pressures are increasing,” Yu Jiadong of China’s labour ministry said on Monday. “The US’s repeated imposition of high tariffs has created production and operational challenges for some export-oriented companies and affected some workers’ jobs,” he added.