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TEHRAN, June 01 - The European Union and China said they will deepen ties on trade and investment and that they fully support global trade rules, after U.S. President Donald slapped tariffs on steel and aluminum imports.
TEHRAN, Young Journalists Club (YJC) - EU foreign policy chief Federica Mogherini said Friday: "We are living in times of geopolitical turbulence, and uncertainties, so the cooperation between EU and China becomes even more important."
Speaking to reporters in Brussels with Chinese Foreign Minister Wang Yi, Mogherini said the two "confirmed our joint support for the WTO as the center of the rules-based, multilateral trading system."
Wang says he hopes a solution is found to the trade row. He's urging all parties to respect their commitments, saying: "We always honor our words, and in that respect we expect our partners to honor their words as well."
Former British trade minister Francis Maude has condemned the United States' decision to impose tariffs on steel and aluminum imports as "stupid" and counterproductive.
Maude urged the European Union to avoid a "tit-for-tat" response and instead stick "robustly to free trade." He was speaking a day after International Trade Secretary Liam Fox refused to rule out a trade war after the U.S. imposed tariffs of 25 percent on steel and 10 percent on aluminum imported from the EU, Canada and Mexico.
Maude on Friday told the BBC "this is stupid. It's counterproductive, that any government that embarks on a protectionist path inflicts the most damage on itself.
"The inevitable result of putting these tariffs on imports will be to increase prices on consumer goods for its own citizens."
Source: AP
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