China Not Willing Trade War With US, Ready to Protect State Interests – Minister
REUTERS/ Hyungwon KangWorld08:29 11.03.2018Get short URL
BEIJING (Sputnik) – China does not want a trade war with the United States, at the same time, Beijing is ready to protect the interests of the country and its citizens, Chinese Minister of Commerce Zhong Shan said on Sunday.
“Beijing does not want a trade war [with the United States] and cannot be its initiator, however, we are ready to respond to any challenges and protect the interests of our country and our people,” Zhong said.
Zhong stressed that trade wars have no winners, however, they affect not only the conflicting sides, but the entire world economy.
On Thursday, US President Donald Trump signed an order that imposes 25 percent tariffs on steel imports and 10 percent duties on aluminium exports. The action will go into effect in 15 days.
READ MORE: US-China Trade War Fears Grow: ‘It Would Mean Slower Growth in Both Countries’
Trump’s announcement was met with condemnation from Washington’s major trade partners, particularly Canada, China and the European Union, which accused Trump of excessive protectionism and pledged to impose countermeasures.
China is the largest steel producer in the world with a 49.2-percent share in global production, according to the World Steel Association. The country also leads in aluminum production, making almost 50 percent of global production, according to the International Aluminium Institute’s data.