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

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

He further pointed out that different statistical methods widen the USA trade deficit with China by around 20 percent, citing a research comparing the trade figures of China and U.S. "But we can handle any challenge, and will firmly defend the interests of our nation and our people", he said. "Further, the tariffs would seriously impact the normal order of global trade", Xinhua reported.

The U.S. reported a $375 billion deficit with China previous year, so a 20 percent reduction would still be among the largest trade gaps that it has with any country.

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, official data showed. China is not one of those nations. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration.

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

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. "If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours".

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. "As a close security and trade partner of the United States, the European Union must be excluded from the announced measures", she said.

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US President Donald Trump this week delivered on his campaign promises to get tough on trade by imposing tariffs of 25 per cent and 10 per cent on steel and aluminium imports, respectively.

China's metals industry issued the country's most explicit threat yet in the row, urging the government to retaliate by targeting U.S. coal - a sector central to Mr Trump's political base and his election pledge to restore USA industries and blue-collar jobs.

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

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