World

China doesn't want trade war with U.S.: commerce minister

China doesn't want trade war with U.S.: commerce minister

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

"China does not wish to fight a trade war, nor will China initiate a trade war, but we can handle any challenge and will resolutely defend the interests of our country and our people", he said.

"There is no victor in a trade war", he told reporters yesterday.

China will take further measures to boost cooperation under the Belt and Road Initiative, Commerce Minister Zhong Shan said here Sunday, outlining major tasks for the next stage.

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

Zhong blamed the trade imbalance in part on controls over US high-tech exports to China, repeating a Chinese claim that Washington could narrow its trade deficit if it allowed Beijing to buy more "dual use" technology such as supercomputers and advanced materials with military applications.

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. 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. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration.

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.

Trump "clarity" on tariff not what EU was looking for Hours after European Union (EU) trade chief Cecilia Malmstrom said she had "no immediate clarity" on whether the bloc will be let off the hook from planned U.S. tariffs, Trump laid down his conditions and repeated a threat if they're not met.

Zhong also said he plans to meet with Japanese Economy, Trade and Industry Minister Hiroshige Seko to discuss trade and investment issues.

Mr Trump said on Saturday the USA was "working very quickly on a security agreement" so as not to impose the tariffs on "our ally, the great nation of Australia".


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