U.S. 'reciprocal tariffs' will damage its own, others' interests: white paper

The "reciprocal tariffs" imposed by the U.S. will damage its own and others' interests, said a white paper issued by China's State Council Information Office on Wednesday.

The imposition of "reciprocal tariffs" is a severe violation of World Trade Organization rules that damages the multilateral trading system and erodes the legitimate rights and interests of the parties affected, according to the white paper titled "China's Position on Some Issues Concerning China-U.S. Economic and Trade Relations."

The U.S. government has erected high trade barriers in the name of goals such as "industrial protection" and "national security." The move will not help solve domestic economic problems, but will ultimately backfire and make the United States a victim of its own misdeeds, the white paper said.

The tariffs will increase inflationary pressure in the United States, weaken its industrial base, aggravate panic in the financial market and increase the risk of U.S. economic recession, the white paper said.

"History has repeatedly taught the lesson that trade protectionism will not help strengthen a country's domestic economy," the white paper said.

"Instead, it will do severe damage to world trade and investment, which could trigger a global economic and financial crisis, with the inevitable consequences for oneself and others," it added.