China reacts to Trump's steel tariffs

A worker stands in a steel workshop in Zouping in China's eastern Shandong province on March 10

A worker stands in a steel workshop in Zouping in China's eastern Shandong province on March 10

A government statement issued on March 9 accused Trump of damaging the global trading system.

"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.

Zhong said the United States has overestimated its trade deficit with China by around 20 percent every year, adding the two countries have different ways of calculating trade figures.

China, however, wants to prevent the trade conflict with Washington from escalating, with the Asian power eager to build good political relations with the United States, sources close to the matter said.

He further pointed out that different statistical methods widen the US 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 challenges and are determined to protect the interests of our country and its people".

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

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 U.S. research. "Further, the tariffs would seriously impact the normal order of worldwide trade", Xinhua reported.

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.

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Nasa Resistance Movement (NRM) self-declared General Miguna Miguna addresses the media at Okoa Kenya offices on January 24, 2018. Between July 2017 to the present, Uhuru Kenyatta and William Ruto have murdered more than 380 innocent civilians in cold blood.

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.

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.

Should the situation worsen, however, Zhong said that China was more than ready.

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.

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

After pressure from allies, the US has opened the way for more exemptions from tariffs of 25 per cent on steel imports and 10 per cent on aluminium that US President Donald Trump set last week.

Mr Trump believes the tariffs will safeguard American jobs, though many economists say the impact of price increases for users of steel and aluminium, such as the auto and oil industries, will destroy more jobs than curbs on imports create.

In response to that, China expressed "opposition" to the tariffs imposed by the United States on the imports of steel and aluminum, saying the move will undermine normal global trade order.

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