undergroundnewsroom.com May 27, 2018

China urges USA, N.Korea to hold talks 'sooner than later'

10 March 2018, 01:02 | Damon Campbell

China urges USA, N.Korea to hold talks 'sooner than later'

China urges USA, N.Korea to hold talks 'sooner than later'

A Commerce Ministry official said last week that Trump's plan to levy tariffs of 25 percent on steel and 10 percent on aluminum would "seriously damage multilateral trade mechanisms represented by the World Trade Organization and will surely have huge impact on normal worldwide trade order".

China's foreign minister Wang Yi said on Thursday that China would make a necessary response in the event of a trade war with the U.S. but said such a war would only harm all sides.

China, which produces half the world's steel, will assess any damage caused by the USA move and "firmly defend its legitimate rights and interests", the country's Ministry of Commerce said.

Trump has complained about low-priced Chinese exports of steel and aluminum, but the latest move was likely to hit Japan and South Korea harder. "We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military", Trump tweeted.

Other officials at the EU, by far the biggest trading partner of the United States by value, have warned it could take counter-measures including European tariffs on U.S. oranges, tobacco and bourbon.

In January, exports fell 1.3 per cent to $200.9-billion as shipments of civilian aircraft and crude oil declined.

The U.S. president argued that "dumping" of cheap imports is eroding U.S manufacturers' ability to survive. In a tweet on Wednesday, Trump said: "China has been asked to develop a plan for the year of a one billion dollar reduction in their massive trade deficit with the United States".

Tokyo and Brussels rejected any suggestion that their exports to the U.S. threatened its national security, which is Trump's justification for imposing the tariffs despite warnings at home and overseas that they could provoke a global trade war.

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Last year, about 36% of steel consumed in the USA was imported, but only 3% of the imports came from China, according to research company Wood Mackenzie.

The protectionist measures have sparked fears of a trade war and could jeopardize talks on the North American Free Trade Agreement (NAFTA) linking Canada, Mexico and the United States.

"There is no case for imposing tariffs on Australian steel", Turnbull told reporters in Sydney. She also noted the steel and aluminum industry in North America is highly integrated and said the Canadian government will continue to make that point directly with the Trump administration.

It said the United States "will injure others and harm itself".

A trade war would complicate efforts by Tesla Inc.to expand in China, where it's already struggling to strike a deal to open a factory.

Official Chinese trade data for the month of February was released yesterday, showing a surprising surge in China's exports and generally positive outlook for the country's trade.

The so-called Quad of India, the US, Australia and Japan reforming as a regional grouping wasn't of concern to China if official statements from those countries that its objective was not to contain China were correct, he said. The Chinese high diplomat said that his country will adopt "an appropriate and necessary response" to potential trade sanctions, without furr details of what kind of reprisals are on table.

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