“The current trade war is bringing benefits to some countries now, but in the end, there will be no winners”, Russian Prime Minister Dmitry Medvedev said on Monday.
“And we are all witnessing that this war, in general, is already bearing fruit for some countries that are trying to impose their course, but on the other hand there is damage to all world trade, after all, as in any war of this kind, of course there will be no winners here,” Medvedev told reporters.
The Russian prime minister also expressed hope that in future more countries will support the principle of free trade.
“We hope to preserve the free and open trade regime, the so-called multilateralism principle or multilateral trade relations, and try to consolidate these principles, but on a more modern basis. I hope that at some point we can convince other states of the need to support this position,” Medvedev said.
He also noted that this position had many supporters.
“They [supporters] include China, European countries and several other countries, including our partners in the Socialist Republic of Vietnam, where we are now,” Medvedev said.
China and the United States are currently engaged in a major trade dispute that resulted from US President Donald Trump introducing import tariffs for steel and aluminum in March.
Tensions deepened in late May, when Washington announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs. Since then, the two countries have exchanged several rounds of trade rights with each other.
China will increase its imports and will continue to support the principle of free trade, Chinese leader Xi Jinping announced earlier this month during the opening of the China International Imports Exhibition in Shanghai, expressing his commitment to further open up his market.
Last year Chinese imports grew by 15.9%, reaching US $1.8 trillion. The country’s authorities plan to increase that volume to 10 trillion dollars.