Trade war with United States would bring disaster, says Chinese minister

Chinese President Xi Jinping visited President Trump at Mar-a Lago in 2017

Zhong Shan, Commerce Minister of the People's Republic of China, said it during the session of the National People's Congress, Reuters reports. "A trade war will only bring disaster to China, US and the global economy".

"There is no victor in a trade war", he told reporters yesterday. "But we can handle any challenges and are determined to protect the interests of our country and its people".

China accounts for only a small fraction of United States steel imports, but its massive industrial expansion has helped create a global glut of steel that has lowered prices.

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, official data showed. "Further, the tariffs would seriously impact the normal order of worldwide trade", Xinhua reported. 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 CIIE is one of four major global events to be hosted by China this year, along with the Boao Forum for Asia annual conference in April, the Shanghai Cooperation Organization summit in June and the Forum on China-Africa Cooperation summit in September.

Trade tensions between China and the United States have risen since Mr Trump took office. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration.

China reacts to Trump's steel tariffs

"We are not only talking for now, we will continue to talk in the future", he said.

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

After pressure from allies, the US has opened the way for more exemptions from tariffs of 25 per cent on steel imports and 10 per cent on aluminium that US President Donald Trump set last week.

Australian Prime Minister Malcolm Turnbull heralded his nation's exemption last Saturday morning following a phone call with Trump, which he described as "a very good and productive discussion".

China's response came after a Bloomberg reporter asked if the country would consider retaliatory behavior following the tariffs.

Tiger out of the woods
Watch the final round of the Valspar Championship live on Sunday from 5pm on Sky Sports Golf and 6.30pm on Sky Sports Main Event. After a discussion with an official to confirm there was no penalty he holed out for a par .

Waymo launching self-driving truck pilot to Atlanta
The company added that it believes that "self-driving technology has the potential to make this sector safer and even stronger". It's doing this through the same way you'd each anyone with passenger vehicle driving experience on how to drive a semi truck.

Syrian forces attacking eastern Ghouta 'have surrounded rebels in Douma'
Syria's conflict erupted with protests against Assad but has since developed into a full-blown war drawing in world powers. Turkey-led rebels have been pressing an assault on the Kurdish enclave of Afrin since January 20.

Related news:

Hot News

isis-killer-beheading-video-story-top Elon Musk says SpaceX will make 'short flights' to Mars next year
Mar 12, 2018 - 09:21
He also predicted a utopian social model for the red planet, akin to the ancient Greek republics, without the slavery. Artist's rendering of U.S. astronaut planting a flag on Mars.

isis-killer-beheading-video-story-top Pochettino cagy on Harry Kane injury
Mar 12, 2018 - 09:18
Kane hobbled off on 34 minutes after damaging his ankle in a challenge with Bournemouth goalkeeper Asmir Begovic. And in another headache for Southgate, Dele Alli and Danny Rose also came off in the win over Bournemouth.

isis-killer-beheading-video-story-top Memo: No Tanks, 'Older' Aircraft at Trump's Military Parade
Mar 11, 2018 - 01:51
Trump praised the French display months later when he and Macron met in NY , saying: "We're going to have to try and top it". In a Pentagon memo released to CNN on Friday, the Department of Defense is now moving forward with a plan of a parade.

isis-killer-beheading-video-story-top Chelsea beats Palace in EPL before trip to Barcelona
Mar 11, 2018 - 01:48
Willian is a clear contender to be the club's player of the season come May, which would be the second time he had won the award. Crystal Palace manager Roy Hodgson has said Wilfried Zaha is well ahead of schedule in his recovery from a knee injury.

isis-killer-beheading-video-story-top Tillerson says Kenya should not stifle media or threaten courts
Mar 11, 2018 - 01:48
Mr Odinga boycotted the repeat election in October, saying adequate electoral reforms had not been made. Odinga, who has refused to recognize Kenyatta as president, paraphrased US president Abraham Lincoln.

isis-killer-beheading-video-story-top England lose in France to hand Ireland Six Nations title
Mar 11, 2018 - 01:47
Ireland captain Rory Best says his team will need to improve if they are to secure a grand slam in England next week. His pride in how Scotland performed came as much from the quality of the team he faced.

isis-killer-beheading-video-story-top Bannon to attend French far-right summit, meet Le Pen
Mar 11, 2018 - 01:46
A younger leadership circle will likely emerge, but Marine Le Pen , the only candidate for president, will remain. Marechal-Le Pen, a Catholic hardliner and darling of the FN old guard withdrew from politics previous year .

U.S. allies line up for exemptions from Trump's aluminum, steel tariffs
Mar 11, 2018 - 01:45
European Commissioner Cecilia Malmstrom holds a news conference in Brussels , Belgium March 7, 2018. Tariffs would "seriously impact the normal order of global trade", the Commerce Ministry said.

isis-killer-beheading-video-story-top Meghan Markle Is Now Encouraging Young Girls to Take Up Acting
Mar 11, 2018 - 01:39
They also gave prizes to three winners of a speech-writing competition in which they spoke about their most inspiring women. Markle was also confirmed immediately after the baptism, meaning she is now able to join her Harry at Holy Communion.

isis-killer-beheading-video-story-top US Calls On Afghan Taliban To 'Step Up' After Peace Offer
Mar 11, 2018 - 01:38
The Taliban said in a statement that 29 soldiers and police were killed in the attack, including four commanders. The death toll has risen to nine, Waheed Majroh, spokesman for the Health Ministry said.

isis-killer-beheading-video-story-top Patrice Evra On Bench - West Ham Team vs Burnley Confirmed
Mar 11, 2018 - 01:33
I wouldn't use that as an excuse for me after it, but I certainly don't think it helped. No one wants to ideally see fans on the pitch but they get frustrated.

isis-killer-beheading-video-story-top On Women's Day, Matunga Rd station gets all-women staff
Mar 10, 2018 - 01:41
It becomes the first such station in the state and the fourth in the country. "Finding TTEs and RPF staff is not a major issue". Women will take over Phulwari Sharif railway station in Patna on Thursday, International Women's Day.

isis-killer-beheading-video-story-top Trans-Pacific Partnership Signed without US
Mar 10, 2018 - 01:37
The 11 states represent a market of 500 million people, greater than that of the European Union's single market. Australian sugar would also have better access to Japan, Canada and Mexico's markets.

isis-killer-beheading-video-story-top USA special counsel probes Seychelles meeting with Russian
Mar 10, 2018 - 01:36
Nader's account is considered key evidence - but not the only evidence - about what transpired in the Seychelles, according to people familiar with the matter.

isis-killer-beheading-video-story-top 21 people treated after nerve agent attack on former Russian spy
Mar 10, 2018 - 01:32
The two remain in critical condition in a Salisbury hospital, while authorities say Bailey is making progress toward recovery. He described seeing around 10 people in hazmat suits looking at the vehicle, which was said to be a Mercedes people-carrier.