Escalation of US-China tariffs 'damaging' to world economy: EU trade chief

BRUSSELS - The escalation of tariffs between the United States and China is "worrying" and "clearly damaging" to the world economy, European Union (EU) Trade Commissioner Cecilia Malmstrom said Friday.

"Worrying development with escalation of tariffs between US and China. Clearly damaging for the world economy. Trade wars are bad and not easy to win," the EU trade chief said via Twitter.

Malmstrom's words were apparently in reference to a tweet posted by US President Donald Trump on March 2, in which he said "trade wars are good, and easy to win."

With the 25-percent additional tariffs on Chinese products worth $34 billion effective on Friday, the United States has ignited the largest trade war in economic history, said the Chinese Ministry of Commerce.

These tariffs violate the World Trade Organization (WTO) rules and represents a typical "trade bully," posing a grave threat to the security of global industry and value chains, said the ministry, adding that it will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers.

The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the core national interests and interests of its people, said the ministry.

China, it added, will report the relevant situations to the WTO in time, and stand with other countries in defending free trade and multilateral mechanisms.