China says trade war with U.S. will only bring disaster

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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.

In 2017, trade volume between China and countries along the Belt and Road amounted to 7.4 trillion yuan (about 1.2 trillion US dollars), surging 17.8 percent year on year, outpacing the 14.2-percent increase in China's total foreign trade last year, according to data released by the National Bureau of Statistics on February 28. Increased tariffs triggered an enormous controversy in the worldwide community, the European Union and Japan demanded exceptions for themselves. "It will only bring disaster to China and the United States and the world".

"There is no victor in a trade war", he told reporters yesterday. Of those imports, South Korea, Japan, China and India accounted for 6.6 million tonnes.

The US administration asked China for a plan to cut the annual US trade deficit with the nation by $100 billion, a White House official said last Friday. China accounts for only a small fraction of US steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.

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China said it will lower tariffs on auto imports, in a move that analysts say could increase the competitiveness of high-end imports but may have limited impact on the vehicle market as a whole.

He also reiterated a previous pledge that China would lower import tariffs on consumer goods including automobiles, as part of an effort to boost domestic consumption.

He noted that China's top economic adviser Liu He visited the U.S. recently and held "candid and constructive" talks with American officials on bilateral trade issues.

While he declined to say how Beijing planned to respond to the tariffs imposed by Washington on aluminium and steel imports, he said the two sides remained in talks on the issue. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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