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

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

The booth area for the International Import Expo (CIIE) slated for November in Shanghai has been over-booked by 20 percent, Chinese Commerce Minister Zhong Shan said Sunday. "It will only bring disaster to China and the U.S. and the world". China doesn't want a trade war, and will not start a trade war. "But we can handle any challenge, and will firmly defend the interests of our nation and our people", he said.

The U.S. control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong said, quoting one U.S. research that estimated a 35-percent fall in the trade deficit with China if the United States relaxed export restrictions.

Zhong added that the U.S. trade deficit with China is overestimated by about 20 percent, citing research by a panel tasked with investigating the discrepancy between the two nations' accounts of their trade balance.

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, official data showed. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration.

More news: Packers trade CB Randall to Browns

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

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

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

China is responding to recent tariffs on steel and aluminum imports imposed by President Donald Trump on Thursday.

More news: Pentagon issues guidance for Trump-requested parade: no tanks

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

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.

Australian Prime Minister Malcolm Turnbull heralded his nation's exemption last Saturday morning following a phone call with Trump, which he described as "a very good and productive discussion".

More news: 180 troops arrive in Salisbury to investigate poisoning of former Russian spy

Related Articles