Friday, 22 June, 2018

China accuses Trump of damaging global trade after hiking steel, aluminum tariffs

China accuses Trump of damaging global trade after hiking steel, aluminum tariffs China accuses Trump of damaging global trade after hiking steel, aluminum tariffs
Charlie Simmons | 10 March, 2018, 01:45

Wang spoke on the fringes of China's annual, largely ceremonial legislative session at a news conference, where he was asked whether China's recent efforts to push for peace talks in Myanmar and between Israeli and Palestinian delegations, for instance, represented a shift in its longstanding non-interference foreign policy.

"Although the "China Threat Theory" has now been reprinted, it's even less persuasive because facts speak louder than words", Wang said, citing China's economic growth and contributions to world peace at the United Nations.

China does not want a trade war, but it will respond in event of a rise in tariffs that harm its interests.

It is expected that in coming weeks Trump administration will publish a report on intellectual property ft that clearly points to China as one of offenders, which could lead to or trade measures against Beijing.

Trump sent out an unusual tweet Wednesday announcing that his administration had requested China "develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States".

"The US is acting swiftly on Intellectual Property theft".

Last week, Trump said "trade wars are good, and easy to win" when the U.S.is losing billions on trade.

"They had candid discussions about India-China bilateral relations and enhancing mutual exchanges", it said.

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He pointed out that as a permanent member of the UN Security Council, China takes seriously of its responsibility for maintaining worldwide security.

Trump's tweets follow China's moves to resolve the simmering trade tensions.

Trade tensions between the world's two largest economies have risen since President Trump took office in 2017, and although China accounts for only a small fraction of U.S. steel imports, its massive industry expansion has helped create a global glut of steel that has driven down prices.

A senior South Korean official said the tariffs would impact the renegotiation of the bilateral free trade deal with the United States that is now underway. Europe has threatened to retaliate with sanctions on USA exports of blue jeans, bourbon and Harley-Davidson motorcycles, raising the risk of a potentially destructive trade war. That left it with a trade surplus of $33.74 billion for the month, and a January-February trade surplus with the United States of $42.92 billion. "But there are few alternative sources for the main products the USA buys from China", the research firm said in a note on Wednesday.

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

Data on Thursday showed Chinese exports were up 44.5 percent in February from a year earlier.

In Sydney, Prime Minister Malcolm Turnbull sounded confident of getting favourable treatment as Trump spoke of Washington's strong relationship with Australia, a major exporter of iron ore but exports little steel and the United States was not a major customer.

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