Monday, 24 September, 2018

Trade war with US will only bring disaster to global economy: China

U.S. Dollar and China Yuan notes are seen in this U.S. Dollar and China Yuan notes are seen in this
Laurie Berry | 11 March, 2018, 16:07

China has repeatedly vowed to defend its "legitimate rights and interests" if targeted by U.S. trade actions.

China's trade minister Zhong Shan warned that a trade war with the United States would bring disaster to the global economy, but said his nation won't start one and that talks with the Trump administration continue.

USA control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong said, quoting one us research report which estimated a 35-percent fall in trade deficit with China if the United States relaxed export restrictions.

"A trade war will be catastrophic for China, the United States, and the rest of the world", he said.

China's trade minister Zhong Shan said that the USA trade deficit with China is overestimated by about 20%, citing research by a panel tasked with investigating the discrepancy between the two nations' accounts of their trade balance.

Trade tensions between the world's two largest economies are widely expected to intensify this year as Washington's trade policy with Beijing is influenced by hardliners such as White House trade adviser Peter Navarro and US Trade Representative Robert Lighthizer.

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The US has opened the way for more exemptions from tariffs of 25% on steel imports and 10% on aluminum that President Donald Trump set last week. He instead blamed the imbalance on U.S. controls over high-tech exports to China.

Calling steelworkers the "backbone of America", Trump called steel vital to United States national security.

Chinese Commerce Minister Zhong Shan has suggested that Beijing may retaliate if Washington goes ahead with a plan to impose high tariffs on imported steel and other products.

Zhong said the two countries have different demands in opening up markets in financial, telecom, automobile, produce and other sectors due to different national conditions.

China absorbed $136.3 billion in foreign investment past year. He added that foreign steel dumping was an "assault" that put United States companies and factories out of business. "The fact that they have complaints indicates that they are still paying attention to China's development and have confidence in China's market". Specific details were not given, but Zhong pledged to give equal treatment to domestic and foreign businesses alike while continuing to curb "irrational overseas investment" from within China.

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