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

12 March, 2018, 12:17 | Author: Angel Logan
  • Chinese Minister of Commerce Zhong Shan says a trade war could could shatter global economic growth

China's Commerce Minister Zhong Shan says Beijing and Washington are continuing trade discussions as the two nations need to work together.

Fears of a trade war between the world's No. 1 and No. 2 economies heightened last week after US President Donald Trump signed an order imposing a 25 per cent tariff on imported steel, and 10 per cent on imported aluminium.

"Because no one is willing to start a trade war, and everyone knows trade wars hurt others without helping themselves", Zhong said.

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

"There will be no victor", Commerce Minister Zhong Shan told a press conference on the sidelines of the ongoing session of the National People's Congress.

"There is no victor in a trade war", he told reporters yesterday. "But we can handle any challenges and are determined to protect the interests of our country and its people".

"There will be no winners in the trade war, it will cause disaster for China, USA and the whole world", the Minister said.

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

China said it will lower tariffs on auto imports, in a move that analysts say could increase the competitiveness of high-end imports but may have limited impact on the vehicle market as a whole.

Trade tensions between China and the USA have risen since Mr Trump took office.

The remarks came days after Tesla CEO Elon Musk took to Twitter to criticize China's steep auto import tariffs, which are tenfold that of the U.S.

Diplomatic and US 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.

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