China-US trade war would produce no winners, only catastrophe, Beijing says

Chinese Commerce Minister Zhong Shan attends a news conference on the sidelines of the National People’s Congress in Beijing

China-US trade war would produce no winners, only catastrophe, Beijing says

China's commerce minister warned against a trade war with the a result of President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE's tariffs on Sunday, saying it would bring disaster to the global community.

Zhong blamed the trade imbalance in part on controls over USA high-tech exports to China, repeating a Chinese claim that Washington could narrow its trade deficit if it allowed Beijing to buy more "dual use" technology such as supercomputers and advanced materials with military applications. "But we can handle any challenges and are determined to protect the interests of our country and its people". -China trade deficit by $100 billion.

US President Donald Trump this week delivered on his campaign promises to get tough on trade by imposing tariffs of 25 per cent and 10 per cent on steel and aluminium imports, respectively.

Mr Zhong said a panel of experts tasked with conducting a comparative study of differences in trade statistics between the two countries repeatedly found that the US' trade deficit with China was overestimated by about 20 per cent each year.

Trump said in February that China is "killing us in trade".

Citing Chinese researchers, Zhong said the US has been overstating its trade deficit with China by about 20 percent every year.

The the world's biggest importer of steel, purchasing 35 million tonnes of raw material in 2017.

As China's exports surged in February its monthly surplus with the USA widened from a year earlier to $20.96 billion, according to data from the customs bureau. But Zhong said communications have not been completely broken off.

There was still "no immediate clarity on the exact United States procedure on exemption", Malmstrom, the 28-nation bloc's trade commissioner, said after the meeting that also included Japanese Trade Minister Hiroshige Seko.

China has threatened to retaliate against increased trade barriers in the past but has yet to announce any new measures in response to Trump's tariffs.

Zhong said that Beijing would continue to "relax market access" to China, and that it would also attach greater importance to intellectual property rights, another point of tension with the U.S.

The tariffs are considered to be targeted at China due to the country's production of global surpluses of steel.

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