Friday, 21 September, 2018

China says trade war with U.S. will bring disaster

China reacts to Trump's steel tariffs China Minister Says Trade War Would Bring 'Disaster' to World
Faye Gross | 12 March, 2018, 06:31

Enterprises from more than 120 countries and regions have submitted applications for the expo, Zhong told a press conference on the sidelines of the first session of the 13th National People's Congress.

Any trade war with the United States will only bring disaster to the world economy, Chinese Commerce Minister Zhong Shan said on Sunday, as Beijing stepped up its criticism on proposed metals tariffs by Washington amid fears it could shatter global growth.

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

Liu He, a senior Chinese economic and financial official met with USA officials earlier this month and they have agreed that the two countries should settle their trade disputes by cooperation rather than confrontation.

Diplomatic and USA business sources say the United States has frozen a formal mechanism for talks on commercial disputes with China because it is not satisfied Beijing has met its promises to ease market restrictions.

China's steel mills, a target of U.S. President Donald Trump's ire, are their industry's 800-pound gorilla: They supply half of world output, so every move they make has a global impact.

The US administration asked China for a plan to cut the annual US trade deficit with the nation by $100 billion, a White House official said last Friday.

Bihar Bypolls Araria Jehanabad and Bhabua
For the ruling JD (U)-BJP combine, it will be a test of the NDA's unity, CM's popularity and their governance policies. Mandal, some local BJP leaders too are said to be scuttling the chances of the party nominee Pradeep Kumar Singh.


Trade tensions between China and United States have risen since Trump took office.

More than 150,000 buyers from home and overseas are expected at the event, he said.

"We are still in talks, and we are sure that both sides will continue to talk about the next step", he added.

Trump has called the tariffs a matter of national security while threatening to tax European auto imports and impose "reciprocal taxes" on countries that charge higher duties on USA goods than the United States now charges on their products.

Trump's announcement on tariffs underlined concerns about rising USA protectionism, which has sparked bouts of turmoil in global financial markets over the past year as investors feared a damaging trade spat will shatter a synchronized uptick in world growth.

Malmstrom, Lighthizer and Reko are set to meet on the margins of the Organisation for Economic Co-operation and Development ministerial meeting in Paris next week to further discuss the issue, according to a joint statement after the talks.

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