Canberra, Sep 5 (TIWN) Chinese Ambassador to Australia Cheng Jingye has said that Beijing rejects escalation of the US-initiated trade war, which is spreading harm around the world.

In the article published on the Australian Financial Review, Cheng said that the most recent decision by the U.S. government to impose additional tariffs on Chinese imports is a gross violation of the Osaka consensus reached by the Chinese and U.S. presidents.  "Furthermore, it tramples on multilateral trading rules, harms both countries' interests, threatens the global industrial and supply chain, and drags down global trade and economy," said the article.  By quoting a series of figures, the article showed that economists polled by Reuters forecast the probability of a U.S. recession in the next two years has risen to 45 percent, and its manufacturing PMI (purchasing managers' index) plunged to its lowest in 10 years.  "Should the United States follow through on extending all tariffs to 25 percent, the aggregate loss over the next 10 years would amount to 1 trillion U.S. dollars," said Cheng.  The price of the U.S. administration's tariffs will be paid by common American households, he noted, saying: "JPMorgan researchers estimate that American families will have to pay 1,000 dollars in additional costs annually."