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

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

A government statement issued on March 9 accused Trump of damaging the global trading system.

China's commerce minister said Sunday: "China does not want a trade war, nor will it actively initiate a trade war".

China will provide support for participants and exempt least-developed countries from the exhibition fee, he said. He gave no details on how this figure was reached, but the USA and Chinese governments generally report widely differing trade figures because Beijing counts only the first port to which goods go instead of their final destination. "But we can handle any challenge, and will firmly defend the interests of our nation and our people", he said.

China accounts for only a small fraction of USA steel imports, but its massive industrial expansion has helped create a global glut of steel that has lowered prices.

Zhong blamed the trade imbalance in part on controls over US 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. "Further, the tariffs would seriously impact the normal order of global trade", Xinhua reported. China is not one of those nations.

As China's exports surged in February its monthly surplus with the United States widened from a year earlier to $20.96 billion, according to data from the customs bureau. China doesn't want a trade war, and will not start a trade war first.

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The main channel of dialogue on trade between the two nations, the Comprehensive Economic Dialogue, has been put on hold over United States frustration over a lack of progress. 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.

"We are not only talking for now, we will continue to talk in the future", he said.

Trump's response came after Malmstrom on Twitter described what she called "frank" but fruitless talks with US Trade Representative Robert Lighthizer in Brussels last Saturday.

The country will also work to promote the liberalization and facilitation of trade and investment along the Belt and Road, while carrying out major foreign aid projects including the Happy Home Projects, the Anti-Poverty Projects and the Health Recovery Projects, Zhong said.

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

This comes after U.S. President Donald Trump on Thursday signed a proclamation that sets the tariff on imports of steel at 25% and on aluminum at 10%, to be effected in 15 days.

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