Published: Mon, March 12, 2018
Global News | By Stacy Ballard

China-US trade war would produce no winners, only catastrophe, Beijing says

China-US trade war would produce no winners, only catastrophe, Beijing says

It was Beijing's latest statement on "problems in Sino-U.S. economic trade and cooperation", alluding to President Donald Trump's plan to impose heavy tariffs on imported steel and aluminum.

Citing Chinese researchers, Zhong said the US has been overstating its trade deficit with China by about 20 percent every year.

Beijing has indicated it will implement retaliatory measures, such as by imposing tariffs on agricultural products imported from the United States. "A trade war will only bring disaster to China, US and the global economy".

The tariffs are considered to be targeted at China due to the country's production of global surpluses of steel.

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

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"No one wants a trade war and it serves nobody's interests", Zhong said.

"Nobody wants to fight a trade war, and everyone knows fighting one harms others and does not benefit oneself".

China's persistently high trade surplus with the USA is the root of the tension, and Trump has said he plans to trim it by US$100 billion. More than 60 countries have registered so far. He accused China of manipulating its currency to make its exports more competitive on the global market.

The United States and China are scheduled to hold trade talks in Beijing in the near future.

The Trump administration earlier approved higher tariffs on Chinese-made washing machines, solar modules and some other goods, prompting Beijing to accuse Washington of disrupting global trade regulation by taking action under USA law instead of through the World Trade Organization.

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He also reiterated a previous pledge that China would lower import tariffs on consumer goods including automobiles, as part of an effort to boost domestic consumption.

China's metals industry has urged the government to retaliate against the tariffs, but Chinese steel accounts for only a small part of USA steel imports.

Nonetheless, there is growing bipartisan consensus in Washington, and support within some segments of the USA business community, for the USA government to counter what are seen as Beijing's predatory industrial policies and market restrictions on foreign firms.

The ministry will continue to control FDI, he said, while at the same time encouraging companies with strength and credibility to explore the worldwide market and improve their ability in transnational operations.

Trump's administration has said the United States mistakenly supported China's membership in the World Trade Organisation in 2001 on terms that have failed to force Beijing to open its economy.

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