Xi Jinping: The US-China trade war will produce no winner


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Chinese President Xi Jinping arrives in Port Moresby, Papua New Guinea, for APEC Leaders Summit 2018

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Reuters

Countries that adhere to protectionism are "doomed to failure," warned China's Xi Jinping, with a veiled gesture against America's "America First" policy.

Xi spoke at the Asia-Pacific Economic Cooperation (APEC) summit, where US-China tensions are likely to be the focus of debate.

US Vice President Mike Pence then said he was ready to "more than double" the tariffs imposed on Chinese products.

Both countries embarked on a mutually reciprocal trade war this year.

The White House said its tariffs were a response to China's "unfair" trade policies.

Both parties said tariffs, which already totaled billions of dollars, could still be increased.

However, Xi seemed to warn against further escalation of tensions between the two countries.

"History has shown that clashes, whether it's a cold war, a hot war, or a trade war, would produce no winners." ", he told the leaders meeting in Port Moresby, capital of Papua New Guinea.

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Legend of the mediaHow pigs and Harleys became weapons in an impending trade war.

"Attempts to erect barriers and close economic ties are against the laws of the economy and historical trends.

"It is a short-sighted approach and it is doomed to fail," he added, warning that those who close their doors "will only isolate themselves from the rest of the world and lose their direction".

But Mr. Pence – who spoke at the forum right after Xi – said tariffs were a response to "imbalance" with China.

"The United States, however, will not change course as long as China has not changed its behavior," he said.

His comments come a day after President Donald Trump told reporters that he was confident that an agreement between China and the United States "would be concluded."

However, he said that a number of key issues had not been included on a negotiating list before the G20 summit next month in Argentina, which means it was not " not yet acceptable "for the President.

The chair has already made similar comments.

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