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Chinese emissary says no easy win in trade war

21 July, 2018, 17:25 | Author: Lawrence Cooper
  • China foreign ministry says trade war has become biggest 'confidence killer' for world economy

The ministry pointed out that the countermeasures were needed to protect not only the national interests but also the whole system of the worldwide trade.

Since tit-for-tat tariffs went into effect in early July, China has faced a tough battle.

The US has warned it would levy $200 billion of Chinese imports with additional tariffs if Beijing continues to retaliate.

Garment-maker Dongguan Xinyu Apparel Company, which mostly produces caps for export to the USA and Europe, is in no doubt about how damaging the tariffs could be, saying it would "definitely" have an impact on its business.

At the time, U.S. officials said, these tariffs were necessary given the findings of Commerce Department investigations under Section 232 of the 1962 Trade Expansion Act.

-China trade war escalates, hoping the two countries work out their differences before the full impact of China's retaliatory tariffs hits American soybean and pork producers.

"We should let those who advocate trade war know that trade war is not something that can be easily won", China Consul General to Los Angeles Zhang Ping said.

As President, he has attempted to make good on that promise by imposing sizable tariffs on Chinese steel and aluminum and cracking down on China's intellectual property violations, leading the country to respond by imposing tariffs on 128 products ranging from pork, meat and fruit to steel pipes.

In "US challenges China, EU and others at WTO over steel tariffs" (Business, July 17), Associated Press economics writer Paul Wiseman has written one of the better articles setting forth the different sides of the trade disputes involving the United States, China, Europe, Canada and Mexico.

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It said "The US measures are inflicting serious damage to the rules of the global trade and undermining the legal rights and interests of the WTO members, including China".

Foreign Ministry spokesperson Hua Chunying on Wednesday said USA accusations of higher Chinese tariffs on American goods and pilfering American innovations are wrong.

Historical analysis of data on trade protectionism instigated by the USA shows that the US has been more prone to protectionism in comparison to any other advanced economy.

"These tariffs appear to breach each WTO member's commitments under the WTO Agreement", he said.

The report issued by the Bertelsmann Foundation comes amid a deepening trade dispute between China and the United States which has engulfed other major trading partners.

Speaking to National Business Daily, a Chinese newspaper, Fu said the alliance would like to "provide information on China to worldwide media" so that "China issues can be discussed by Chinese people".

"The US purchases of steel and aluminium from Mexico are not a national security risk to the former". The Mexican government promised to continue to defend its national interest.

"The joint statement is a confirmation of the EU-China's good relations", Fabio Massimo Parenti, associate professor of global studies at the Institute Lorenzo de' Medici, Florence.

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