China Minister Says Trade War Would Bring 'Disaster' to World

Mar 12, 2018, 04:31
China Minister Says Trade War Would Bring 'Disaster' to World

"Because no one is willing to start a trade war, and everyone knows trade wars hurt others without helping themselves", Zhong said.

It is "important" to resolve the bilateral trade dispute through dialogue and to deepen economic cooperation between China and the United States, Zhong said.

"There will be no winners in the trade war, it will cause disaster for China, USA and the whole world", the Minister said. "But we can handle any challenges and are determined to protect the interests of our country and its people".

Zhong added that the U.S. trade deficit with China is overestimated by about 20 percent, citing research by a panel tasked with investigating the discrepancy between the two nations' accounts of their trade balance.

Zhong blamed the trade imbalance in part on controls over USA high-tech exports to China, repeating a Chinese claim that Washington could narrow its trade deficit if it allowed Beijing to buy more "dual use" technology such as supercomputers and advanced materials with military applications.

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China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, official data showed. But Zhong said communications have not been completely broken off.

Diplomatic and U.S. business sources say the United States has frozen a formal mechanism for talks on commercial disputes with China because it is not satisfied Beijing has met its promises to ease market restrictions.

But the target of Trump's ire is China, whose capacity expansions have helped add to global surpluses of steel.

Trump believes the tariffs will safeguard American jobs, though many economists say the impact of price increases for users of steel and aluminum, such as the auto and oil industries, will destroy more jobs than curbs on imports create. "Big Deficit. If not, we Tax Cars etc. FAIR!"

There was still "no immediate clarity on the exact USA procedure on exemption", Malmstrom, the 28-nation bloc's trade commissioner, said after the meeting that also included Japanese Trade Minister Hiroshige Seko.

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The CIIE is a public platform for global trade development, he said.

As we reported earlier, new tariffs on aluminium import were adopted in the U.S. this week.

Mr Trump said on Saturday the USA was "working very quickly on a security agreement" so as not to impose the tariffs on "our ally, the great nation of Australia".

After pressure from allies, the United States has opened the way for more exemptions from tariffs of 25% on steel imports and 10% on aluminum that US President Donald Trump set last week.

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