Japan's Aso: US-China trade war won't be resolved easily

Japan's Finance Minister Aso believes the US-China trade war is here to stay for sometime and is unlikely to be resolved easily. 

The policymaker, however, does not expect the trade war to immediately develop into an economic shock on the scale of the collapse of Lehman Brothers.

The US hiked tariffs on $200 billion worth of Chinese goods from 10% to 25% on Friday, re-escalating trade tensions. On Monday, China announnced retaliatory tariffs on $60 billion worth of American goods and has threatened to tax remainder of the US imports from China.