China Hopes US Can Rein Its Horse Before Edge of Cliff to Prevent a Trade War
Xu Wei
DATE:  Mar 29 2018
/ SOURCE:  Yicai
China Hopes US Can Rein Its Horse Before Edge of Cliff to Prevent a Trade War China Hopes US Can Rein Its Horse Before Edge of Cliff to Prevent a Trade War

(Yicai Global) March 29 -- China will take all appropriate measures to resolutely safeguard the interests of the country and its people against new U.S. tariffs, a spokesman for the ministry of commerce reiterated. China has confidence to deal with any protectionist trade and investment measures and hopes the U.S. can rein in its horse before the edge of the cliff.

The latest decision by the U.S. to impose tariffs on up to USD60 billion worth of Chinese products might set off a chain reaction that could disrupt global trade,  said Gao Feng, spokesman for China's ministry of commerce, during a press briefing today, adding imposing duties on Chinese products is a flagrant violation of the World Trade Organization, WTO, rules and the multilateral trading system.

China's total foreign trade exceeded USD4.1 trillion last year, of which bilateral trade with the U.S. amounted to about USD580 billion, accounting for 14.1 percent, and China's non-financial direct investment overseas was USD120 billion, of which USD7.8 billion, or 6.5 percent, was invested in the U.S. Gao revealed, saying China will fight to the end if necessary.

The U.S. trade measures will also raise the prices of raw materials and consumer goods on its own territory, which will inevitably affect the U.S. consumers and manufacturing sector and ultimately hurt the well-being of the American people, Gao reiterated. China noted that some industries and people in the U.S. have already expressed their opposition to the new tariffs on Chinese products, he added.

Follow Yicai Global on
Keywords:   MOFCOM,US,Trade,Tariff