Trade war to harm global econ­omy, Japan, China say

Daily Sabah (Turkey) - - Money -

JAPAN and China agree that a trade war will have se­ri­ous con­se­quences for the world econ­omy, Ja­panese For­eign Min­is­ter Taro Kono said yes­ter­day af­ter a high-level eco­nomic di­a­logue be­tween the world’s third- and sec­ond-largest economies. Con­cern is grow­ing about a trade row be­tween China and the United States in which the two na­tions have threat­ened each other with tar­iffs. Japan has been crit­i­cised by U.S. Pres­i­dent Don­ald Trump on trade and been hit with tar­iffs on steel and alu­minium, but it has not yet threat­ened counter-tar­iffs.

“We have shared un­der­stand­ing that a trade war, no mat­ter which coun­try has brought it about, would have a very large im­pact on the pros­per­ity of the in­ter­na­tional econ­omy,” Kono told re­porters af­ter the first such di­a­logue in more than seven years. Kono and the Chi­nese gov­ern­ment’s top diplo­mat, State Coun­cil­lor Wang Yi, co-chaired the Tokyo meet­ing. Wang is also for­eign min­is­ter. Fi­nan­cial mar­kets have been roiled re­cently over fears that a full-blown U.S.-China trade war could shat­ter global trade and eco­nomic growth.

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