Ready for (Trade) War

by Antonio Miles March 10, 2018, 1:44
Ready for (Trade) War

Speaking on the sidelines of an annual meeting of China's parliament, Mr Wang said some outside forces were trying to muddy the waters in the disputed region.

He said the United States has raised concerns over South Korea's "transshipment" of Chinese steel, although the trade ministry has argued that only 2.5% of steel exported to the United States uses Chinese material.

On the Korean Peninsula, Wang claimed success for China's proposal for a "dual suspension" of North Korean nuclear activities in return for a suspension of South Korea-US war games. On Wednesday, Trump hinted that his restrictions on trade could run even deeper, citing China's alleged theft of intellectual property.

"He is not afraid of getting into a trade war although that is not what we want", Treasury Steven Mnuchin said in an interview Wednesday on the Fox Business Network.

He said in pursuit of this objective, China looks to upgrade the strategic partnership and build a closer community of shared future with the Association of Southeast Asian Nations, a regional organization that includes as members four South China Sea claimants.

In coming weeks, the Trump administration plans to issue a report on China's intellectual property practices expected to hammer China and possibly bring about further tariffs on a wider range of Chinese imports.

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China, which produces half the world's steel, will assess any damage caused by the US move and "firmly defend its legitimate rights and interests", the country's Ministry of Commerce said. "In a globalized world, it is particularly unhelpful, as it will harm both the initiator and the target countries". 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.

Bambawale met with Wu Hailong, President of Chinese People's Institute of Foreign Affairs (CPIFA), in Beijing, the Indian Embassy here tweeted.

Trump upset America's allies last week by vowing to slap tariffs of 25 percent on imported steel and 10 percent on aluminum.

According to Reuters, diplomatic and U.S. business sources say the United States has all but frozen a formal mechanism for talks on commercial disputes with China because it is not satisfied it has met its promises to ease market restrictions. We must act soon!

In Sydney, Prime Minister Malcolm Turnbull sounded confident of getting favourable treatment as Trump spoke of Washington's strong relationship with Australia, a major exporter of iron ore but exports little steel and the United States was not a major customer.

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