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China says trade war with U.S. will bring disaster

12 March 2018

Any trade war with the United States will only bring disaster to the world economy, Chinese Commerce Minister Zhong Shan said yesterday, as Beijing stepped up criticism of metal tariffs by Washington amid fears it could shatter global growth.

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.

Enterprises from more than 120 countries and regions have submitted applications for the expo, Zhong told a press conference on the sidelines of the first session of the 13th National People's Congress.

It was Beijing's latest statement on "problems in Sino-U.S. economic trade and cooperation", alluding to President Donald Trump's plan to impose heavy tariffs on imported steel and aluminum. China is not one of those nations.

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Zhong said nobody wants to fight a trade war, but he added that China can handle any challenge and will resolutely protect its interests.

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

In spite of the expected trade war between two nations, "We haven't halted economic dialogues and will continue the exchanges", the minister continued.

The Trump administration has urged Beijing to take steps to reduce the U.S.

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Trade tensions between China and the United States have risen since Mr Trump took office.

"There is no victor in a trade war", Zhong said at a news conference in Beijing last Sunday.

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.

In recent years, Beijing has sought to expand infrastructure networks in Asia, the Middle East, Europe and Africa to achieve its goal of connecting countries along the ancient Silk Road more closely, under the "One Belt, One Road" initiative.

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

China says trade war with U.S. will bring disaster