Japan ministers call for early solution to US-China trade war

Japanese ministers on Tuesday called for an early solution to the escalating US-China trade war and warned of the potential damage to global growth. Asian shares fell on Tuesday after President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, Reuters said. “Tit-for-tat tariff retaliation benefits no country,” Japan’s Economy Minister Toshimitsu Motegi said after a cabinet meeting. Finance Minister Taro Aso said while global trade imbalances must be fixed to avoid another financial crisis, the US and China must address the problem through dialogue instead of slapping retaliatory tariffs on each other. Trade minister Hiroshige Seko also said Trump’s decision to impose new tariffs on China was “extremely regrettable” as it could hurt the global economy.