Published: Mon, March 12, 2018
Global Media | By Jackie Banks

China: we don't want trade war with US

China: we don't want trade war with US

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. He gave no details on how this figure was reached, but the USA and Chinese governments generally report widely differing trade figures because Beijing counts only the first port to which goods go instead of their final destination. "A trade war will only bring disaster to China, US and the global economy".

Zhong said that cooperation is the only choice for the 2 countries.

China's metals industry issued the country's most explicit threat yet in the row, urging the government to retaliate by targeting United States coal - a sector central to Mr Trump's political base and his election pledge to restore U.S. industries and blue-collar jobs.

The US administration asked China for a plan to cut the annual US trade deficit with the nation by $100 billion, a White House official said last Friday.

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.

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Zhong said USA 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.

Trump believes the tariffs will safeguard American jobs, though many economists say the impact of price increases for users of steel and aluminum, such as the auto and oil industries, will destroy more jobs than curbs on imports create.

Washington and Beijing continue conducting negotiations now.

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.

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