China minister says trade war with United States would be 'disastrous'

China minister says trade war with United States would be 'disastrous'

China minister says trade war with United States would be 'disastrous'

"But we can handle any challenges and are determined to protect the interests of our country and its people".

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

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

Part of the reason for the trade gap, Zhong said, was that the USA had restricted hi-tech exports to China.

Zhong pointed out that different statistical methods widen USA trade deficit with China by around 20 percent, citing the research of a joint work group tracking and comparing the two countries' trade figures.

Mr Zhong said an expert panel tasked with conducting a comparative study of differences in trade statistics between the two countries repeatedly found that the US' trade deficit with China was overestimated by about 20 per cent each year.

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.

MVP Gilgeous-Alexander helps propel Cats to another SEC Tournament championship
Bone scored 17 of his points in the first half , hitting 7 of 7 from the field and all three of his 3-point attempts. At this point, just about every Vol fan knows that Tennessee hasn't won the SEC Tournament title since 1979.

This could be further cut by 35 per cent if the U.S. lifts the ban on high-tech exports to China, he added.

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.

The main channel of dialogue on trade between the two nations, the Comprehensive Economic Dialogue, has been put on hold over USA frustration over a lack of progress. He later dismissed threats of retaliation by other countries by saying, "trade wars are good, and easy to win". But Zhong said communications have not been completely broken off.

"We have noticed that some foreign-funded businesses have complained about China's investment environment", Zhong said. "If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours".

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

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

As we reported earlier, new tariffs on aluminium import were adopted in the United States of America this week.

Related news