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

China's commerce minister warned that a trade war would harm both nations

Reuters March 11, 2018
China's commerce minister warned that a trade war would harm both nations PHOTO:AFP

BEIJING: China's commerce minister said on Sunday that Beijing and Washington are still holding economic talks. He warned that a trade war would harm both nations.

President Xi Jinping's top economic advisor, Liu He, held trade discussions with US officials at the White House earlier this month but the meetings yielded few breakthroughs.

US President Donald Trump has since announced tariffs on steel and aluminium imports, drawing threats of retaliation from China and other nations.

EU, Japan seek to be excluded from US tariffs in talks

"We are continuing our discussions," Commerce Minister Zhong Shan said during a press conference held on the sidelines of the annual parliamentary session underway in Beijing.

"Because no one is willing to start a trade war, and everyone knows trade wars hurt others without helping themselves," Zhong said.
That may not reflect the current mood in Washington. Last week, Trump tweeted the US could win a trade war.

Asia's biggest exporters bristle over US tariffs, fanning trade war fears

Zhong also took issue with the statistics behind the trade imbalance - which showed a record $375.2 billion US deficit with China during Trump's first year in office.

He cited American government research that he said showed the figure for the surplus in China's favour overstated by roughly 20 per cent and said that if the US dropped restrictions on high tech exports to China it would further reduce the surplus by 35 per cent.

"There is still much for us to do, one side cannot call the shots, we need to work hard together," Zhong said.

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