Source: News Bharati English12 Mar 2017 14:53:33
Beijing, March 12: China warned US President Donald Trump against launching a trade war. ‘A trade war is not in the interest of both countries, will bring nothing but harm’, Chinese Minister of Commerce Zhong Shan told reporters on the sidelines of the Parliament session amid concerns that Trump may hike tariffs against Chinese goods on Saturday.
Zhong Shan said that cooperation is the only right choice and the two countries should work to enhance it and manage differences. Zhong expressed the belief that the two countries will make the right judgement on bilateral trade ties.
He said that U.S. exports to China have increased by an average of about 11 percent per year over the last decade, while Chinese exports have only increased by 6.6 percent over the same period, noting that the Asian giant is also a major importer of American goods like soybeans, cars and Boeing airplanes.
This clearly shows that China and America are very important to each other. It’s fair to say trade war will only cause pain without gains, he added. The warning was the second time this week that China has railed against a possible trade war, amid growing indications that the Trump administration is serious about pursuing a protectionist agenda.
On Thursday, Zhong’s American counterpart Wilbur Ross said that the trade conflict with China and other countries has already been on for decades, but the U.S. is just now beginning to fight back. Meanwhile China is the world’s biggest trader in goods. It accounts for about $350 billion of the U.S. trade deficit, about half the total.