Apart from the adverse effect of Chinese-US trade tensions on ordinary people, the trade dispute is also likely to affect local business and the wider global economy, Fu Ying, the vice chairperson of China's National People's Congress Foreign Affairs Committee, said at a panel session of the 15th annual meeting of the Valdai Discussion Club on Monday.
SOCHI (Pakistan Point News / Sputnik - 15th October, 2018) Apart from the adverse effect of Chinese-US trade tensions on ordinary people, the trade dispute is also likely to affect local business and the wider global economy, Fu Ying, the vice chairperson of China's National People's Congress Foreign Affairs Committee, said at a panel session of the 15th annual meeting of the Valdai Discussion Club on Monday.
Earlier on Monday, the 15th Annual Meeting of the Valdai Discussion Club was opened in the Russian resort city of Sochi. The event will last through Thursday, October 18. The topic of the current session is "Russia: Agenda for the 21st Century."
"China-US trade frictions affect the livelihood of ordinary people. On a larger picture, the impact may disrupt the trend of global economy, posing grave challenges to many businesses. At another front the resurgence of a geopolitics and power competition is posing concern ... together with populism and protectionism they are poised to drag the world back to the kind of turbulence that prevailed for much of the last century," Fu said.
He added that Chinese-US relations deteriorated faster than it was expected, adding that the tensions in trade got replicated in other areas as well.
"The United States believes that a strong China would inevitably challenge its world dominance and the US must do something before it's too late," Fu explained.
The trade war between the world's largest economies escalated in June when US President Donald Trump announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, with Beijing responding in kind. The latest round of the US tariffs came into effect in September, which deteriorated the situation even further.
