Escalating trade tensions between the United States and China, swapped barbs over Asia Pacific Economic Co-operation (APEC) summit on Saturday in Papua New Guinea.

Iran Press/Asia: Speaking at the Asia Pacific Economic Co-operation (Apec) summit in Papua New Guinea capital, US Vice President Mike Pence said there would be no end to American tariffs until China changed its ways, after its president, Xi Jinping, warned that the shadow of protectionism and unilateralism was hanging over global growth. 

The shadow of protectionism and unilaterism is hanging over global growth, Xi said, joining his global counterparts in pushing for free trade, Reuters reported.

Malaysian prime minister, Mahathir Mohamad also warned that “The trade war between the US and China has amplified further the disruption to our trade and commerce.”

Speaking on a cruise ship tethered in Port Moresby’s Fairfax Harbour, the Russian prime minister, Dimitry Medvedev, joined Mahathir Mohamad in warning against growing protectionism and argued for clear-cut and transparent rules on trade.

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members, collectively accounts for 60 percent of global gross domestic product (GDP).

The relationship between the US and China has deteriorated in recent months, as the US tariff rate on $200 billion in Chinese goods is set to increase to 25 percent from 10 percent on Jan. 1. US president Trump has threatened to impose tariffs on all remaining Chinese imports - about $267 billion more in goods - if Beijing fails to address US demands.

As a trade war heats up between the US and China, military tensions are also rising.

French Finance Minister Bruno Le Maire warned that the trade dispute between the United States and China could escalate into a fresh Cold War.

Le Maire made the alarm-sounding comments at a Friday conference in Paris on the World Trade Organization's future. 101/202

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