Saturday, 29 February, 2020


China urges US against taking trade relations to 'dangerous place'

China urges US against taking trade relations to 'dangerous place' China urges US against taking trade relations to 'dangerous place'
Bennie Garza | 24 March, 2018, 15:52

The U.S. also imposed new tariffs of 25 percent on imported steel and 10 percent on aluminum.

Emily Skor, CEO of Growth Energy has expressed disappointment that China is seeking additional tariffs on USA ethanol exports. "In the second stage, the 25 per cent import tax will be imposed after evaluating the impact caused by the USA policies", the Chinese Ministry said.

Certain media source quoted the Chinese Commerce Ministry as saying, "China does not want to fight a trade war, but it is absolutely not afraid of a trade war".

"It creates a very bad precedent", Beijing said, adding, "China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a risky place".

In the same year, Taiwan was also accused of blocking American rice, while Japan Brazil faces similar charges over US made leather goods; South Korea over wire rope; and the European Union over soy beans. "Commerce ministry is weighing options on taking a stance as they are the two most important markets for India", an official with DGFT told The New Indian Express.

Whilst the impact of the tariffs may be relatively small, "the concern will be whether this will spiral into an all-out trade war which clearly would be an overall negative for the U.S. & the rest of the world", said analyst Alvin Liew.

"China's response was entirely predictable, given recent actions by our administration to implement new tariffs", said Bob Dinneen, president and CEO of the RFA.

Kennedy said a deal to cut China's $375 billion USA goods trade surplus by $100 billion is far easier to achieve with additional purchases of US soybeans, beef, liquefied natural gas, Boeing (BA.N) aircraft and other equipment.

The ministry said the list was aimed at offsetting the losses incurred from U.S. tariffs on steel and imports, which are due to take effect on Friday.

Earlier Thursday, lawmakers and industry groups had expressed fears that China would retaliate even though they shared President Donald Trump's assessment that Beijing's policies - such as forcing USA companies to share their technology with Chinese companies - needed to be curbed. Trump said Thursday the tariffs on Chinese imports could reach $60 billion, although other administration officials said the tariffs would amount to $50 billion. "It's going to make us a much stronger, much richer nation", he said at the White House.

In Washington on Wednesday, the mayor of the Taiwanese city of Kaohsiung, Chen Chu, met with Susan Thornton, the U.S. State Department's senior diplomat for East Asia, Taiwan's representative office in Washington said.

The United States has chose to exempt the European Union and six other countries from the steel and aluminium tariffs.

China claims Taiwan as its own and considers the self-ruled island a wayward province, which Chinese President Xi Jinping said on Tuesday would face the "punishment of history" for any attempt at separatism.

Earlier this month, Trump signed a proclamation calling for tariffs on steel and aluminium, a decision which the American Chemistry Council (ACC) said put $133bn of chemical industry investment at risk.

China's ambassador to the WTO told Reuters on Thursday that China was ready for the USA move, and would challenge it at the WTO. Trump had exempted Canada and Mexico from the import levies for the duration of talks aimed at renegotiating the North American Free Trade Agreement.

China's retaliation against the US tariffs on steel and aluminium appeared restrained.

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