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China does not want trade war with US: Envoy

IANS  |  London 

Liu Xiaoming, the Chinese to the United Kingdom, on Wednesday published a signed article in a major British newspaper, saying that "the has announced successive protectionist tariffs pursuant to its domestic law, forcing to take counter-measures."

The so-called "investigations" under legislation, such as section 301 of the US Trade Act of 1974, risk igniting a trade war between the world's two biggest economies, Liu said in the article carried by newspaper, reports

"But a trade war, which would be unpopular, damaging and anachronistic, should and can be avoided," he said.

"There would be no winner in a trade war," the Chinese said, "If the Trump administration, by announcing unilateral protectionist measures, believe there could be, it must be suffering the damaging after-effects of the years in which it had a hegemonic mindset. It must also be suffering from historical amnesia."

"Should a trade war erupt, the multilateral trade system would bear the costs, and the global economy, which is yet to fully recover from the last crisis, would be at risk again," he said.

"To uphold the rules-based regime as well as to safeguard its own legitimate rights and interests, has taken counter-measures," he added.

Raising tariffs will not balance US books because the real problem is its excessive consumption and low saving rate, Liu noted.

"The trade imbalance with is further aggravated by the long-term US restriction on to China."

"The is putting domestic law above international law and forcing America's trading partners to make concessions," he said, "It is tantamount to returning the order to the 'law of the jungle'. In the face of this, China had to act."

"China has not, however, closed the door to negotiations," he said.

"On the contrary, we will continue to deepen reform and open up on all fronts with a view to building closer trade and economic partnerships with the world."

It is China's consistent position to address trade disputes through negotiations and consultations, he said. "China stands ready to carry out constructive negotiations with the on the basis of mutual respect, equality and mutual benefit, as long as the abandons unilateralism and trade "

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 00:48 IST
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