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China warns there are 'no winners in a trade war'

Chinese Commerce Minister Zhong Shan on Saturday warned of grave consequences to President Trump's proposed trade war.

"There are no winners in a trade war, and it would bring disaster to our two countries as well as the rest of the world," he said while attending the annual parliamentary session in Beijing. "China does not wish to fight a trade war, nor will China initiate a trade war," Zhong continued, "but we can handle any challenge and will resolutely defend the interests of our country and our people."

Japan and the European Union likewise urged "calm-headed behavior" on trade Saturday, asking Trump to back down.