Global News

China sees 'disaster' in US trade war

China sees 'disaster' in US trade war

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

The European Union and Japan urged the U.S. to grant them exemptions from metal import tariffs, with Tokyo calling for "calm-headed behaviour".

A trade war between China and the United States would be disastrous not only for the two countries involved, but also the rest of the world, Beijing warned on Sunday.

He later dismissed threats of retaliation by other countries by saying, "trade wars are good, and easy to win".

"The European Union, wonderful countries who treat the USA very badly on trade, are complaining about the tariffs on Steel & Aluminum", he wrote on Twitter.

"We have noticed that some foreign-funded businesses have complained about China's investment environment", Zhong said.

"Nobody wants to fight a trade war, and everyone knows fighting one harms others and does not benefit oneself", he continued.

Jobs Report Was No Fairy Tale
New York Federal Reserve president William Dudley said that four rate increases would still constitute a "gradual" tightening. The two rates are faster than the overall job growth rates seen since the last recession, bouncing around 1.0% to 2.0%.

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.

Trade tensions between China and United States have risen since Trump took office. He accused China of manipulating its currency to make its exports more competitive on the global market.

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 United States tariffs, Trump laid down his conditions and repeated a threat if they're not met.

The U.S. deficit with China came to $375 billion in 2017, accounting for roughly half the nation's trade deficit globally, Washington said last month.

The dispute has fueled concerns that soybeans, the United States' most valuable export to the world's second-largest economy, might be caught up in the trade actions after Beijing launched a probe into imports of USA sorghum, a grain used in animal feed and liquor.

Nonetheless, there is growing bipartisan consensus in Washington, and support within some segments of the USA business community, for the USA government to counter what are seen as Beijing's predatory industrial policies and market restrictions on foreign firms. He said China wants to contribute to the stable development of the world economy by settling differences through cooperation and building mutually beneficial relationships.

"We are still in talks, and we are sure that both sides will keep talking for the next step", he said.