China says trade war with U.S. will only 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.

China does not want to enter in a war with the U.S., as it would have devastating consequences for world's economy.

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

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.

"There is no victor in a trade war", he told reporters yesterday.

Zhong said China has the ability to deal with "any kind of challenges" and the country will "decisively" protect the interests of the state and its people.

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.

Navy commander wants 'transparency' on China's defense spending after budget increase
Additionally, he outlined an expansive plan to lift millions of citizens out of poverty. But a reliance on borrowing has led to pressing political concerns about debt risk.

More than 140 countries have participated in or responded to the initiative since it was proposed by China in 2013, said the minister. -China trade deficit by $100 billion.

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.

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

In response to that, China expressed "opposition" to the tariffs imposed by the United States on the imports of steel and aluminum, saying the move will undermine normal global trade order.

"There is no victor in a trade war", Zhong said at a news conference in Beijing last Sunday.

There was still "no immediate clarity on the exact U.S. procedure on exemption", Malmstrom, the 28-nation bloc's trade commissioner, said after the meeting that also included Japanese Trade Minister Hiroshige Seko.