Trade War With US Would Bring 'Disaster' To World Economy, China Warns


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 booth area for the International Import Expo (CIIE) slated for November in Shanghai has been over-booked by 20 percent, Chinese Commerce Minister Zhong Shan said Sunday.

China's trade minister Zhong Shan said that the U.S. trade deficit with China is overestimated by about 20%, citing research by a panel tasked with investigating the discrepancy between the two nations' accounts of their trade balance.

These are the video games that President Trump wants you to avoid
That could unleash a protectionist free-for-all, damaging to the global economy - something the WTO was created to prevent. The tariffs, which President Donald Trump says are needed to protect USA workers, are scheduled to take effect in 15 days.

But the target of Trump's ire is China, whose capacity expansions have helped add to global surpluses of steel.

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.

Trade tensions between the world's two largest economies are widely expected to intensify this year as Washington's trade policy with Beijing is influenced by hardliners such as White House trade adviser Peter Navarro and US Trade Representative Robert Lighthizer.

Trump says goodbye to 'globalist' economic adviser Gary Cohn
Following the news, the US dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 per cent. Prices for USA government debt barely budged, with analysts expressing concern about trading on Wednesday.

"Nobody wants to fight a trade war, and everyone knows fighting one harms others and does not benefit oneself".

He highlighted that different statistical methods widen United States trade deficit with China by about 20 percent, citing the research of a joint work group tracking and comparing the two countries' trade figures. South Korea, Japan, China and India accounted for 6.6 million tones of steel imports. China accounts for only a small fraction of USA steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices. The commerce minister also blamed the trade imbalance in part on controls over US high-tech exports to China. He said China wants to contribute to the stable development of the world economy by settling differences through cooperation and building mutually beneficial relationships.

Diplomatic and USA business sources say the United States has frozen a formal mechanism for talks on commercial disputes with China because it is not satisfied Beijing has met its promises to ease market restrictions.

Sky Sports' Paul Merson on Huddersfield Town's 'massive' clash with Swansea City
Taking everything into consideration, I am going to predict that this game ends as a draw. "We are in a position where everything is in our hands, one we love to be in".