No place for 'unilateralism' in trade disputes: Chinese Premier

Amid the escalating trade war with US, Chinese Premier Li Keqiang on Wednesday appealed for global support for free trade, saying "unilateralism" does not offer solutions to trade disputes which should be redressed through consultation.

Speaking at the summer session of the World Economic Forum in the eastern city of Tianjin, Li, the second ranking leader of the ruling Communist Party of China (CPC), also ruled out any attempts by Beijing to weaken the Chinese currency to boost its exports.

"It is essential that we uphold the basic principles of multilateralism and free trade," Li said a day after China and the US swapped tit-for-tat tariffs.

While US President Donald Trump imposed tariffs on Chinese products worth about USD 200 billion on Tuesday, on top of USD 50 billion already targeted, China said it would retaliate with tariff hike on USD 60 billion worth of US imports to be effective from next Monday.

After Beijing decided to retaliate Tuesday with duties on American products, Trump accused China of seeking to influence midterm congressional elections by taking aim at his political base.

Without directly referring to the ongoing tariff war, Li said solutions "need to be worked out through consultations."