Posted on 03/04/2018 8:45:40 AM PST by Mariner
China does not want a trade war with the United States but will defend its interests, a senior Chinese diplomat said on Sunday, after U.S. President Donald Trump announced a plan to put tariffs on steel and aluminium imports.
Trump struck a defiant tone on Friday, saying trade wars were good and easy to win, a day after he said he intended to put duties of 25 percent on steel imports and 10 percent on aluminium products.
Trade tensions between the world's two largest economies have risen since Trump took office in 2017, and although China only accounts for a small fraction of U.S. steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices.
Negotiations and mutual opening of markets were the best ways to resolve trade frictions, Chinese Vice Foreign Minister Zhang Yesui said at a briefing ahead of China's annual session of parliament, which opens this week.
"China does not want to fight a trade war with the United States, but we absolutely will not sit by and watch as China's interests are damaged," Zhang, who is a spokesman for parliament and was formerly an ambassador to the United States, said.
"If policies are made on the basis of mistaken judgements or assumptions, it will damage bilateral relations and bring about consequences that neither country wants to see," he said.
(Excerpt) Read more at cnbc.com ...
None.
Hollow mumblings from China. They will do nothing that will jeopardize their access to this market.
They get all their money from us. Without it they would be like Venezuela.
“Hollow mumblings from China. They will do nothing that will jeopardize their access to this market.”
I absolutely agree.
Goody.
Does that mean they will let their currency float?
Market rate Renminbi would have solved a lot of this without tariffs.
But that’s what happens when you cheat. The other players in the game retaliate.
And why on earth would they? America buys their stuff, where else is there a market like our middle class? Like COSCO & Sams Club, they will now have to pay their fair share in taxes to entice our consumers. Turn about, after all, is fair play.
China can take fat Kim out.
A country needs an electronics industry in order to survive
The USA didn't import hardly anything from any foreign country all the way up to 1970. CNN and the news media want you to think we need to “trade” with China so that China can destroy America for them.
> “China says it does not want a trade war with US”
Of course. They’ve had it so good for so long they can’t imagine it changing.
At least they’ll have an excuse to tell their slave labor the US is to blame.
It is estimated the Renminbi is under-valued by at least 37.5% from a free float on the world market.
Our balance of trade is $130bil sold, to $505 bil purchased, for a deficit of $375 bil.
The pegged (essentially) Renminbi alone does not account for the full gap. The rest is complete lack of environmental regs, child and prison labor, government supports, theft rather than investment in IP and full-on tariff of imports. Even refusal of entry for some products.
Yeah, China does not want a trade war with us, it will crush them.
Heck no China doesn’t want a trade war. Without our trade their military will collapse and they won’t bw able to buy our progressive politicians.
Then why does it conduct one???
100% right
Might help a few businesses to think about “coming home”.
When did Trump ever say “trade wars are good and easy to win”? Or is Rooters putting words in his mouth, as usual?
Tweet on Friday.
Which is a violation of WTO rules. Predatory trade practices. China does this by using the North American Free Trade Agreement loophole to ship steel products to the United States. That's why the biggest mistake was bringing China into the WTO and so was NAFTA.
The author of this piece is an economically illiterate
*economic*
Yeah, he said it loud and clear.
Putting the world on notice. This will not be a series of tit-for-tat symbolic actions for domestic consumption and political expediency.
The US intends to correct the most egregious balance of trade issues, and will protect our strategic industries from dumping.
Anyone have a problem with that, prepare for an existential trade war...and we hold all the cards.
The world knowing his will to execute is 80% of the battle.
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