China says trade war with USA will bring disaster

China says trade war with USA will bring disaster

Chinese Minister of Commerce Zhong Shan (C), Vice Minister of Commerce and Deputy China International Trade Representative Wang Shouwen (R), and Vice Minister of Commerce Qian Keming attend a press conference on opening up on all fronts and promoting high quality development of commercial business on the sidelines of the first session of the 13th National People's Congress in Beijing, capital of China, March 11, 2018. "A trade war will only bring disaster to China, US and the global economy". He gave no details on how this figure was reached, but the US 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 challenges and are determined to protect the interests of our country and its people".

China will provide support for participants and exempt least-developed countries from the exhibition fee, he said.

Zhong added that the USA 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.

He noted that China's top economic adviser Liu He visited the United States recently and held "candid and constructive" talks with American officials on bilateral trade issues.

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Trade tensions between the world's two biggest economies intensified last week as President Donald J. Trump signed orders for stiff tariffs on steel and aluminum and indicated more actions are potentially on the way. China is not one of those nations. But Zhong said communications have not been completely broken off.

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. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration. "As a close security and trade partner of the United States, the European Union must be excluded from the announced measures", she said.

Mr Trump said on Saturday the USA was "working very quickly on a security agreement" so as not to impose the tariffs on "our ally, the great nation of Australia".

China's response came after a Bloomberg reporter asked if the country would consider retaliatory behavior following the tariffs.

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