March 23, 2018

China says trade war with US will bring disaster to global economy

12 March 2018, 02:44 | Darnell Patrick

China reacts to Trump's steel tariffs

Chinese Commerce Minister Zhong Shan

Any trade war with the United States will only bring disaster to the world economy, Chinese Commerce Minister Zhong Shan has said, as the European Union and Japan call for exemptions from metal tariffs, an ABC News report said on Sunday.

CHINA'S commerce minister said today that Beijing and Washington are still holding economic talks as he warned that a trade war would harm both nations.

Zhong told reporters after the National People's Congress on Sunday that there would be no victor in a trade war.

Zhong added that the USA 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. He temporarily exempted Mexico and Canada from the tariffs.

Trade tensions between the world's two biggest economies intensified last week as President Donald J. Trump signed orders for stiff tariffs on steel and aluminum and indicated more actions are potentially on the way.

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

Mindy Kaling: Stephen Colbert's Baby Gift "Sucked" Compared to Oprah Winfrey's
Oprah Winfrey insists she would have been a bad mother because she can't communicate with anyone who cannot speak. The bookcase was created to look like the treehouse Kaling's character Mrs.

Williams sisters to meet at Indian Wells after Serena outlasts Kiki Bertens
Bertens won just 55 percent of her service points, and Williams managed to convert five of her nine break-point opportunities. Elsewhere on Saturday, fourth seeded Elina Svitolina defeated Germany's Mona Barthel 6-4, 6-3.

Elizabeth Warren rejects DNA test to settle Native American heritage claim
Last November Trump used the name at an event honoring Native American Code Talkers who served in World War II. Warren also confirmed that she has no plans of running against Trump in 2020.

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, official data showed.

USA officials have said such sales would make up only a few percent of the deficit while possibly threatening American national security.

Liu He, Chinese President Xi Jinping's top economic adviser, visited Washington earlier this month in an attempt to smooth strained ties.

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

China absorbed $136.3 billion in foreign investment a year ago.

The ministry will continue to control FDI, he said, while at the same time encouraging companies with strength and credibility to explore the worldwide market and improve their ability in transnational operations. "The fact that they have complaints indicates that they are still paying attention to China's development and have confidence in China's market". Specific details were not given, but Zhong pledged to give equal treatment to domestic and foreign businesses alike while continuing to curb "irrational overseas investment" from within China.

Other News

Trending Now

Elon Musk Says SpaceX's Mars Rocket Could Launch in Early 2019
Falcon Heavy is able to send object on the Earth orbit at prices by 66% lower than its #1 competitor, the Delta IV Heavy. Falcon Heavy has launched the Elon Musk's Tesla Roadster and the Starman to their journey in the outer space.

Ex-Trump campaign aide appears in court with Mueller subpoena
Nunberg first worked for one of Trump's businesses and later helped advise his presidential campaign. President Trump participates in a meeting with leaders of the steel industry on March 1, 2018.

Giants CB Rodgers-Cromartie may take pay cut
He followed up with six interceptions, which tied a career high, in 2016 and earned second-team All-Pro honors. The Giants released Dominique Rodgers-Cromartie after he reportedly refused to take a pay cut to stay in NY .

A Wrinkle In Time With Jennifer Lee
Characters zip from one planet to the next with little connective tissue, and we must accept each narrative jolt at face value. Even when working with a major studio and a major property, she has made a movie that's completely her own, flaws and all.

Trump Says US To "Initially" Employ 10% And 25% Metals Tariffs
India is among the steel exporting nations that accounts for 2.4 per cent of the steel that the United States imports. Japan, South Korea, the European Union and Brazil called for similar treatment.

Cricket SA apologise to David Warner over Sonny Bill Williams masks
Security had reportedly stopped fans with masks outside the venue before CSA intervened and let them in. According to Kazi, the group of fans then asked for a photo with him and Eksteen and the pair obliged.

Analysts Are Gushing Over Synchrony Financial (SYF), Bristol-Myers Squibb Company (BMY)
Analysts await Caterpillar Inc. 2/28/2018-DZ Bank was Downgraded by analysts at DZ Bank from a "Buy " rating to a " Hold" rating . Gilman Hill Asset Lc invested 0.31% of its portfolio in Bristol-Myers Squibb Company (NYSE: BMY ). (NYSE:HD) for 117,734 shares.

Record-breaking performances at NCAA Indoor Championships
The Manhattan College men's and women's track and field teams took a trip down to 216 Fort Washington Avenue on February 17-Feb. Also breaking a meet record on Saturday was CSU-Pueblo's Thomas Staines , who posted a blistering time of 1:47.23 in the 800.

Manchester's Piccadilly Station Closed As Protesters Storm Tracks
Police have successfully dealt with a large protest outside London Kings Cross station and the station has now been reopened. Meanwhile, many passengers reacted on social media platforms to the protest targeting Manchester Picadilly Station.

Lisa Bonet Could Always Sense a 'Sinster, Shadow Energy' in Bill Cosby
Lisa Bonet has finally broken her silence about Bill Cosby and now we know why she waited so long. She's just as disgusted and concerned as everyone else is, but I don't think she has any insight.