China imposed tariffs on US products to "balance losses": State Media

China's retaliation to US tariffs is only aimed at "balancing the losses" caused by US duties according to a commentary on the front page of the official People's Daily.

The world's second-largest economy slapped additional tariffs of up to 25 percent on about $3 billion worth of US products in response to new US duties on Chinese aluminum and steel. Beijing has repeatedly said that it does not fear a trade war with the US but has urged Washington to resolve the differences via an amicable agreement.