China reacts to Trump's steel tariffs

Chinese Commerce Minister Zhong Shan attends a news conference on the sidelines of the National People’s Congress in Beijing

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.

"China doesn't want to fight a trade war, nor would we take initiatives to ignite a trade war", he said.

"There will be no winners in the trade war, it will cause disaster for China, USA and the whole world", the Minister said.

US President Donald Trump has since announced tariffs on steel and aluminium imports, drawing threats of retaliation from China and other nations.

More news: Here's Who Will Replace Sean McDonough In 'MNF' Booth

Trump on Thursday enacted tariffs of 25 percent on steel and 10 percent on aluminum, going against the wishes of numerous Republicans and the European Union.

"A trade war will be catastrophic for China, the United States, and the rest of the world", he said.

US control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong said, quoting one USA research report which estimated a 35-percent fall in trade deficit with China if the United States relaxed export restrictions. -China trade deficit by $100 billion.

US officials have said such sales would make up only a few percent of the deficit while possibly threatening American national security.

More news: Former BBC Breakfast and Strictly star Bill Turnbull diagnosed with prostate cancer

Beijing and Washington have agreed to hold talks in Beijing in the near future to discuss economic and trade matters.

Liu He, a senior Chinese economic and financial official met with US officials earlier this month and they have agreed that the two countries should settle their trade disputes by cooperation rather than confrontation.

The ministry will continue to control FDI, he said, while at the same time encouraging companies with strength and credibility to explore the worldwide market and improve their ability in transnational operations.

China absorbed $136.3 billion in foreign investment past year. Surveys by business groups show companies are shifting emphasis to other Asian economies seen as more profitable or less restrictive.

More news: France to set age of sexual consent at 15

It is "important" to resolve the bilateral trade dispute through dialogue and to deepen economic cooperation between China and the United States, Zhong said. "The fact that they have complaints indicates that they are still paying attention to China's development and have confidence in China's market". 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.

Related:

  • T25--A10-Saint Joseph's-Rhode Island

    T25--A10-Saint Joseph's-Rhode Island

    After Newkirk tied it with a basket on the next possession, Russell connected on a 3 to give the Rams the lead for good. Dowtin was at the forefront of the comeback, as his 16 points and 10 assists gave him a second career double-double.
    Stormy Daniels sues Trump over 'hush agreement'

    Stormy Daniels sues Trump over 'hush agreement'

    The affair was said to have occurred in 2006, less than four months after Melania Trump gave birth to the couple's son, Barron. But Clifford says that only she and Cohen signed the agreement on October 28, 2016, Cohen on behalf of Essential Consultants.
    Qualcomm Delays Vote As CFIUS Looks At $117B Broadcom Bid

    Qualcomm Delays Vote As CFIUS Looks At $117B Broadcom Bid

    Any Broadcom candidates elected would be required to act in the best interest of Qualcomm and its shareholders. It would also risk cutting off clients worth billions of dollars in business every year.
  • Modi hold talks with French President

    Modi hold talks with French President

    Macron will be accompanied by his wife, Brigitte Marie-Claude Macron, and a delegation of businessmen and ministry officials. Macron arrived in India on Friday night. "Our aim is to begin a new era in ties between our two countries".
    Russian President nonchalant over U.S.  alleged meddling

    Russian President nonchalant over U.S. alleged meddling

    Putin asked in an often-combative interview with NBC News aired late on March 9. "Give us an official request", he added. Russian President Vladimir Putin is ready to cooperate with the opposition if it tries to strengthen the country.
    Another Dr BR Ambedkar statue vandalised by miscreants

    Another Dr BR Ambedkar statue vandalised by miscreants

    It can't be confirmed whether the case is linked to the ongoing statue vandalism in various parts of the country or not. Reports state that six members of the group have been detained by the police in the incident.
  • Spring time change is Sunday

    Spring time change is Sunday

    When we have to get up early, and it's still entirely dark outside, we probably wish standard time were still in place. While residents will lose an hour of sleep when the clocks spring forward, they will gain an hour of daylight.
    Fyre Fest Founder Pleads Guilty To Wire Fraud

    Fyre Fest Founder Pleads Guilty To Wire Fraud

    The end result was a festival that resembled Apocalypse Now and which faced a rash of lawsuits for failing to deliver on promises. The "upscale" accommodations consisted of half-built tents, cheese sandwiches and rat droppings covering the ground.
    Business experts to help firms on 'no-deal' Brexit

    Business experts to help firms on 'no-deal' Brexit

    He has said that it is incumbent on anyone who is unhappy with the draft text to bring forward legally enforceable alternatives. The Sinn Féin leader added that there could be no overall agreement on Brexit unless the issue of the Irish border was solved.
  • 'Sleep deprived, always under bright lights', Karti complains to CBI court

    'Sleep deprived, always under bright lights', Karti complains to CBI court

    The agency can apply for yet another three days of police custody under the law, which allows 15 days of police remand. The ED opposed Sibal's contention that Karti should be allowed to withdraw the petition and approach the high court.
    Toyota to stop selling diesel cars in Europe

    Toyota to stop selling diesel cars in Europe

    Toyota's C-HR model was launched in late 2016 without a diesel, but with a popular hybrid accounting for 78 per of sales. The future of diesel cars overshadowed all the gleaming new metal unveiled on the opening day of the Geneva motor show .
    PNB Scam: ICICI Chanda Kochhar and Axis Bank Shikha Sharma Summoned

    PNB Scam: ICICI Chanda Kochhar and Axis Bank Shikha Sharma Summoned

    In case of default, the bank issuing the LoU has to pay the liability to the credit giving bank along with accruing interest. As per PTI, V Srinivasan, Deputy Managing Director of Axis Bank was seen coming out of the SFIO office in Mumbai on Tuesday.

Comments

Latest news

Oprah Winfrey got Mindy Kaling's baby daughter the best present ever
The 38-year-old writer and actress gave birth to her first daughter, Katherine Swati Kaling , in December . We urge any prospective performers out there to take Oprah's advice to heart, in particular.

Turkish FM: Afrin operation to be completed by May
On Jan. 20, the Turkish Armed Forces, together with the Free Syrian Army, launched the Operation Olive Branch in Afrin , Syria. The operation's media branch on Saturday said their new push had left Afrin's eastern side "exposed" to advancing fighters.

Government to reveal policy paper on abortion if 8th amendment is repealed
Under these proposals, an appeals mechanism will be available to the woman in the event she is unsatisfied with the outcome. The Referendum Commission will be established tomorrow.

Google introduces Doodle to mark beginning of 2018 Winter Paralympics
The soon-to-be 20-year-old (his birthday is March 25) played for Canada in wheelchair basketball at the Rio 2016 Paralympic Games. This year the impairments the competing athletes have include amputee, visual impairment, cerebral and spinal injuries.

United Nations human rights experts slam inclusion of rapporteur in DOJ 'terrorist' list
Human Rights Council must take a position", Zeid Ra'ad al-Hussein said at a news conference Friday. Karapatan slammed the petition as "an effort to sow fear and panic among Duterte's detractors".

Anthony Davis leaves game with apparent hip injury
Sacramento already was without center Willie Cauley-Stein, who missed his third consecutive game because of a lower back strain. Late in the second quarter, #Anthony Davis labored down the floor after a hard collision with Clippers center DeAndre Jordan .

Geneva Motor Show: Audi E-Tron prototypes hit town
A more coupe-like version of the e-tron is also planned, and both vehicles will be produced at Audi's plant in Brussels, Belgium. The "e" winds its way around the tailgate at the height of the front fender and is literally electrifying.

Notre Dame rally stuns Virginia Tech at ACC tourney
Combine that with a 4-of-24 second half against Pittsburgh on Tuesday, and you get 12-of-56, a grim 21.4 percent over 40 minutes. With under one minute to play, Notre Dame allowed two threes from Virginia Tech . "For a while we looked worse tonight".

Fiorentina and Cagliari pay flawless tribute to Davide Astori
Among the other Serie A games to be postponed was Sunday evening's Milan derby between AC and Inter. Buffon called Astori "a great man", while Bonucci recalled their times together.

Pacific trade pact countries go it alone without US
As is known, the CPTPP allows Peru to trade with four new business partners: New Zealand , Brunei, Malaysia, and Viet Nam . The Labour Party, which rejected the previous TPP deal, has trumpeted the revised agreement as an improvement.

Billionaire Mavericks Owner Mark Cuban Was Accused of Sexual Assault in 2011
Sneed, telling ESPN that keeping Sneed on board after multiple domestic violence incidents was "a awful mistake in hindsight". The woman told the Willamette Week in a recent interview she still stood by the charges. "I stand behind that report 1,000%".

1 militant, 3 OGWs killed in south Kashmir encounter
Two weapons have also been recovered from the dead terrorists, said state's director general of police SP Vaid. Three terrorists reportedly appeared in the Shopian village during Bhat's funeral and gave him a gun salute.

Frances McDormand (Almost) Lost Her Oscar
Terry Bryant pictured with Beyonce in 2009. "Fran and Oscar are happily reunited and are enjoying an In-N-Out burger together". The actress called on all the female winners and nominees to stand with her as she claimed the prize for her role.

Bears place transition tag on Fuller
Bears general manager Ryan Pace expressed interest in retaining Fuller at last week's National Football League scouting combine. He collected three interceptions and two forced fumbles in his first three games of his rookie season.

Koscielny: we are not confident
Newcastle legend, Alan Shearer, has state that Arsenal players are fed up with Arsene Wenger's voice. "But we have to give our best for as long as we can".

Other news