China says no to U.S. trade war, but vows to defend interests

12 March, 2018, 09:22 | Author: Edward Snyder
  • Chinese Minister of Commerce Zhong Shan says a trade war could could shatter global economic growth

Zhong Shan, Commerce Minister of the People's Republic of China, said it during the session of the National People's Congress, Reuters reports.

A trade war between China and the United States would be disastrous not only for the two countries involved, but also the rest of the world, Beijing warned on Sunday.

Canada, Mexico and Australia have secured exemptions from the tariffs of 25 percent on imported steel and 10 percent on aluminum announced by Trump, though Canada's and Mexico's were conditioned on progress renegotiating the North American Free Trade Agreement. He gave no details on how this figure was reached, but the USA and Chinese governments generally report widely differing trade figures because Beijing counts only the first port to which goods go instead of their final destination.

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.

China's persistently high trade surplus with the United States is the root of the tension, and Trump has said he plans to trim it by US$100 billion.

"China doesn't want to fight a trade war, nor would we take initiatives to ignite a trade war", he said.




The deficit could be reduced by 35 percent if the United States eased export controls on high-technology products to China, he said, citing unspecified USA research.

The U.S. deficit with China came to $375 billion in 2017, accounting for roughly half the nation's trade deficit globally, Washington said last month.

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

The country will also work to promote the liberalization and facilitation of trade and investment along the Belt and Road, while carrying out major foreign aid projects including the Happy Home Projects, the Anti-Poverty Projects and the Health Recovery Projects, Zhong said.

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

Beijing has indicated it will implement retaliatory measures, such as by imposing tariffs on agricultural products imported from the United States.

Recommended:

  • Mark Lawrenson states his prediction for Arsenal v Watford

    Mark Lawrenson states his prediction for Arsenal v Watford

    And the former Italy global demanded a response from his players after Milan flopped to defeat against Arsenal . It is their worse run since they conceded in 12 straight games between April and October 1988.
    SC allows Passive Euthanasia with guidelines

    SC allows Passive Euthanasia with guidelines

    After the hearing, the judges had four different opinions, but agreed upon the fact that " living will " should be allowed. The Anamika Mishra, a euthanasia seeker, who is suffering from Muscular Dystrophy Disease welcomed the court's verdict.
    New $10 bill featuring Viola Desmond

    New $10 bill featuring Viola Desmond

    It's as if she is in this room with this new $10 bill". "I'm numb with joy", Robson said at the time of her sister's pardon . And on Thursday, the late activist was honored during the rollout of a new $10 bill that features her image.
  • Pyeongchang Paralympics start, eight Poles set to compete

    Pyeongchang Paralympics start, eight Poles set to compete

    Meghan Lino - Born and raised in Falmouth, Lino will compete in her second Paralympic Games. The North's athletes may also have not been keen to march alongside a defector.
    Cristiano Ronaldo Brace Sees Real Madrid Past Eibar in La Liga

    Cristiano Ronaldo Brace Sees Real Madrid Past Eibar in La Liga

    Madrid coach Zinedine Zidane sent on Karim Benzema and Lucas Vazquez to look for the victor . Eibar's Ivan Ramis had equalised in between to give the home side hope.
    Waymo To Test Its Fleet Of Fully-Autonomous Semis In Atlanta

    Waymo To Test Its Fleet Of Fully-Autonomous Semis In Atlanta

    Autonomous-vehicle technology has been touted as having potential to save fuel, ease congestion, and make transportation safer. It's doing this through the same way you'd each anyone with passenger auto driving experience on how to drive a semi truck.
  • 49ers, Raiders pursuing Richard Sherman

    49ers, Raiders pursuing Richard Sherman

    He's very familiar to defensive coordinator Robert Saleh , who was an assistant with the Seahawks from 2011-2013. I go to a young secondary that is like we were when we were younger and help them grow and help them advance?
    Marvel boss Kevin Feige confirms 'Black Panther 2,' considering spinoffs

    Marvel boss Kevin Feige confirms 'Black Panther 2,' considering spinoffs

    This strong showing is enough to give Black Panther one of Marvel's biggest opening days in the history of China's box office. Same thing with the whole third act of Infinity War being in Wakanda.
    Here is how India is celebrating Women's Day

    Here is how India is celebrating Women's Day

    This is how Indian Railways, which employs 91,000 women, is carving out a new image of gender equality in its big operations.
  • Sam Nunberg is not 'scandal porn' - he's newsworthy

    Sam Nunberg is not 'scandal porn' - he's newsworthy

    I'm not going to spend 40 hours going over emails. "It sounds like a pain, but he is the special counsel". Trump personally approved of it - a felony. "But I don't know that, for sure", he said.
    Woods takes share of Valspar clubhouse lead

    Woods takes share of Valspar clubhouse lead

    Woods made a blistering start by carding back-to-back birdies at the third and fourth holes and made two more on the inward nine. Woods' playing partners Henrik Stenson and Jordan Spieth weren't as fortunate in the first round.
    State lost jobs in January but unemployment rate unchanged

    State lost jobs in January but unemployment rate unchanged

    More than eight of 10 leading economists (84%) polled by Bankrate expect "further acceleration" in wage growth this year. The proportion of people in their prime working years ( 25 to 54 ) who are working is at its highest level since 2008.


Popular

Farmers' march to reach Mumbai on Monday
Fundkar added that he will decide how to handle the protest, and approach the farmers after discussions with the chief minister. He had led the farmers' strike past year which led to the blocking of milk and vegetable supplies to the cities for few days.

Elon Musk: SpaceX And Tesla Alive 'By Skin Of Their Teeth'
The company's Falcon Heavy rocket , which enjoyed a historic inaugural launch last month, was initially promised a 2013 debut. He also predicted a utopian social model for the red planet, akin to the ancient Greek republics, without the slavery.

Kane Leaves Stadium On Crutches As Pochettino Offers Injury Update On Trio
He is not only Tottenham's most important player but an exceptionally consistent one who always delivers the goods. The anxiety over Kane's condition, after an apparent injury to his right ankle, won't be limited to Tottenham .

Browns Trading Defensive Tackle Danny Shelton to Patriots
Last season, the defensive tackle notched 34 tackles in 16 games, contributing to the Browns improved run defense past year . And New England's defense was gashed for 164 yards on the ground in the Super Bowl LII loss to the Philadelphia Eagles.

Packers trade CB Randall for Browns QB Deshone Kizer
Kizer showed flashes of potential and promise, but not enough and the Browns decided it was time to move on. The trades can't be formally announced until Wednesday, the start of the NFL's new year.

49ers to meet with Richard Sherman
Also pursuing Sherman are the Green Bay Packers , Tampa Bay Buccaneers , Houston Texans , Tennessee Titans and Detroit Lions . Sherman expects to be ready for the regular season but could be limit in August for training camp and parts of the preseason.

France's far-right party now 'adult' and needs name change: Le Pen
An annual poll published this week by the Kantar-Sofres-One Point firm showed Le Pen scoring lower on numerous questions. The National Front today has changed in nature.

Meghan Markle Baptized Into Church of England Ahead of Royal Wedding
Ms Davis, who is studying at Warwick University on exchange from Queens University, Canada, added: "She was absolutely lovely". Markle told her that she can achieve whatever she wants to achieve and that she looks forward to seeing her on TV.

2CELLOS feat. Rimac C_Two: a auto alive with technology
After a shadowy tease , Rimac has unveiled the Concept Two , a hypercar EV with an off-the-wall insane 1,914 horsepower. The assists work by learning the twists and turns of the track, using Global Positioning System .

New TPP trade agreement faces protests in Chile
The other nine countries are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The US is conspicuous as the only one of 12 nations involved in the original deal to not sign the new deal.