Saturday, 20 October, 2018

China says trade war with United States will hurt global economy

No one wants a trade war says China China says trade war with United States will hurt global economy
Charlie Simmons | 12 March, 2018, 09:24

While addressing a press conference, Chinese Minister of Commerce Zhong Shan said, "China, which produces half the world's steel, will assess any damage caused by the USA move and firmly defend its legitimate rights and interests".

China does not want to enter in a war with the US, as it would have devastating consequences for world's economy. China doesn't want a trade war, and will not start a trade war. "However, we are capable of handling any challenge, and we resolutely defend the interest of the country and the people".

Part of the reason for the trade gap, Zhong said, was that the U.S. had restricted hi-tech exports to China.

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.

The United States and China are scheduled to hold trade talks in Beijing in the near future. "Further, the tariffs would seriously impact the normal order of worldwide trade", Xinhua reported.

The CIIE is one of four major global events to be hosted by China this year, along with the Boao Forum for Asia annual conference in April, the Shanghai Cooperation Organization summit in June and the Forum on China-Africa Cooperation summit in September.

Zhong said that Beijing would continue to "relax market access" to China, and that it would also attach greater importance to intellectual property rights, another point of tension with the U.S.

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Should the situation worsen, however, Zhong said that China was more than ready.

As China's exports surged in February its monthly surplus with the USA widened from a year earlier to $20.96 billion, according to data from the customs bureau.

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.

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

The comments came a week after US President Donald Trump announced heavy trade tariffs of 25 per cent for steel and 10 per cent for aluminium.

Australian Prime Minister Malcolm Turnbull heralded his nation's exemption last Saturday morning following a phone call with Trump, which he described as "a very good and productive discussion".

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