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Reuters reports the recent comments delivered by China’s Vice Premier Liu He on protectionism at an economic conference held in Hamburg on Tuesday.

Key Quotes:

“We believe that protectionist and unilateral approaches do not offer solutions to problems on trade. On the contrary, they will only bring about more economic uncertainty to the world.”

“The history of economic development has proven time and again that raising tariffs will only lead to economic recession and no one ever emerged as a winner from a trade war. Our approach, therefore, is to seek a negotiated solution to the problems we have on the basis of equality and mutual respect.”

Note that the US President Trump is scheduled to hold trade talks with Chinese President Xi Jinping on the sidelines a G20 summit in Buenos Aires this week.