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

China says trade war with US will only bring disaster

China does not want a trade war with the United States that would be disaster for the world, Commerce Minister Zhong Shan said Sunday, three days after U.S. President Donald Trump declared he would impose tariffs on steel and aluminum imports.

On Saturday, the European Union and Japan urged the United States to grant them exemptions from metal import tariffs, with Tokyo calling for "calm-headed behavior".

The tariffs are considered to be targeted at China due to the country's production of global surpluses of steel.

China has vowed to make a "justified and necessary response" to tariffs.

Zhong said China has the ability to deal with "any kind of challenges" and the country will "decisively" protect the interests of the state and its people.

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.

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.

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

"We have noticed that some foreign-funded businesses have complained about China's investment environment", Zhong said. More than 60 countries have registered so far. -China trade deficit by $100 billion. China accounts for only a small fraction of USA steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.

Zhong said U.S. official trade deficit figures had been over-estimated by about 20%, and in any case, would be a lot lower if the United States relaxed export restrictions on some high-tech goods.

The Trump administration earlier approved higher tariffs on Chinese-made washing machines, solar modules and some other goods, prompting Beijing to accuse Washington of disrupting global trade regulation by taking action under USA law instead of through the World Trade Organization.

"Today, I am defending America's national security by placing tariffs on foreign imports of steel and aluminum", Trump said in the White House.

Trump's administration has said the United States mistakenly supported China's membership in the World Trade Organisation in 2001 on terms that have failed to force Beijing to open its economy.

"We are not only talking for now, we will continue to talk in the future", he said.

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