A top Chinese official warned Sunday a "trade war" would harm all sides but gave no indication of Beijing's next move in a spiraling dispute with President Trump over steel and technology, reports the AP. Speaking to global business leaders at a development forum, Vice Premier Han Zheng appealed for cooperation to make economic globalization "beneficial for all." "A trade war serves the interests of none," said Han at the China Development Forum. "It will only lead to serious consequences and negative impact." Han didn't refer directly to the dispute with Washington, but the country's economy czar warned Saturday that Beijing will defend its interests. China issued a $3 billion list on Friday of US goods, including pork and stainless steel pipes, it said might be hit by higher tariffs.
A bigger battle is brewing over Trump's approval Thursday of a possible tariff hike on $30 billion of Chinese goods in response to what Washington says is Beijing's improper acquisition of foreign technology. Global financial markets have sunk on fears Chinese retaliation might prompt other governments to raise import barriers, depressing global trade. Han appealed to other governments to "cooperate with each other like passengers in the same boat" and "make economic globalization more open, inclusive, balanced and beneficial for all." In a phone call Saturday with US Treasury Secretary Steven Mnuchin, Vice Premier Liu He said Beijing is "ready and capable of defending its national interest and hopes both sides will remain rational," per Xinhua News Agency.