Trade war will harm all global players

Since the beginning of this year, trade frictions between China and the United States have significantly escalated. And with additional US tariffs on $34 billion worth of Chinese goods taking effect on Friday, the US has now launched a full-blown trade war against China.

In his effort to win the US midterm election, President Donald Trump continues to take protectionist measures, which are aimed at destroying the rules-based multilateralism mechanism and replacing it with power-based unilateralism and bilateralism.

Ever since Trump signed a memorandum of understanding on trade with China in late March, trade frictions between the two sides have increased without showing any signs of easing despite several rounds of talks that have followed.