China accuses Trump of damaging global trade

NPC 2018: China's resolve to protect peace, stability in South China Sea unshakeable, says Wang Yi

The US's "abuse" of national security concerns as a reason for implementing the measures will lead to "a serious attack on normal worldwide trade order", the Ministry of Commerce said in a statement on its web site, adding that "China is firmly opposed". "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.

The Steel Exporters Association in Turkey, the sixth-biggest exporter to the United States said it did not expect a significant impact from the USA tariffs. The company led by Elon Musk said in June it was working with the Shanghai government to explore local manufacturing in China, a move that would allow the electric-car maker to achieve economies of scale and bring down manufacturing, labor and shipping costs.

"History has shown that fighting a trade war has never been a correct way to solve a problem", Chinese Foreign Minister Wang Yi said Thursday, "Especially given today's globalization, choosing a trade war is a mistaken prescription". China only exports 0.1 percent of its overall output to the United States.

The threat also strikes at another sector central to Trump's political base and an election pledge to restore American industries and blue-collar jobs.

The president also appeared to criticize China's alleged theft of intellectual property, saying, "The acting swiftly on Intellectual Property theft".

Within the headline total, China's trade surplus with the United States stood at $20.96 billion, slightly below the $21.895 billion level reported in January. The North has not held any tests since November while the US and South Korea pushed back planned exercises until after the Pyeongchang Winter Olympics and Paralympics, though neither Washington nor Pyongyang explicitly embraced Beijing's idea. Over time, however, any additional punitive United States measures and retaliations by China or its other major trading partners would reduce global trade flows, disrupt worldwide supply chains and drag on global growth.

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The global steel sector is still straddled with excess capacity in China and beyond however, and the US fears China could again export its cut price excess steel if faced with a downturn at home.

China, which is believed to be the primary target of Trump's looming trade war, warned that trade wars also "harm the initiator".

China's exports surged and its trade surplus unexpectedly widened in February, illustrating the lopsided nature of global commerce that Donald Trump is preparing to introduce protectionist measures against. It was the most explicit threat yet from the country in an escalating trade spat.

The European Union said it was ready to retaliate against the United States over Trump's proposed tariffs on steel and aluminum - with counter-measures against iconic United States products like Harley Davidson motorcycles, Levi's jeans and bourbon.

While his counterparts have threatened retaliation, concrete action that would herald the start of an all-out trade war has yet to come.

Boosted by a global trade boom in 2017, China's exports grew at the fastest pace since 2013 and served as one of the key drivers behind the economy's forecast-beating 6.9 percent expansion a year ago.

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