China Says Its "Moderate" Defence Spending Rises Are No Threat

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China Says Its

"The Chinese side expresses grave concern", said a Commerce Ministry statement.

Wang Yi, China's foreign affairs minister, said on Saturday that the US's decision to impose tariffs on "reasonable steel and aluminium exports in the name of harming national security is groundless", China Business Journal reported.

US President Donald Trump at a White House meeting in Washington February 28, 2018.

But Beijing had previously indicated it will take action against the soybean and corn industries in retaliation for any USA tariffs on China. "We expect USA major trade partners' reaction to be moderate, including by taking cases to the WTO".

The metal tariffs could end up doing most harm to United States allies like South Korea, Japan, Germany, Taiwan and Brazil. "If necessary, we will take action under section 301 to prevent China from obtaining the benefit of this type of unfair practice", the report said Wednesday, referring to the legal section under which Lighthizer is doing the probe.

Hiroshige Seko, Japan's trade and industry minister, said at a news conference, "We don't think imports from Japan, an ally, have any effect at all on USA national security".

Vice-Minister of Foreign Affairs Li Baodong said "there is no victor in a trade war". Chinese officials want to maintain the broader trade relationship, which produced a record $375 billion trade surplus for China a year ago and created millions of jobs in China while providing huge volumes of affordable goods for American consumers.

Military delegates arrive on buses near Tiananmen Gate with a giant portrait of Mao Zedong outside the Great Hall of the People on the eve of the annu
Military delegates arrive on buses near Tiananmen Gate with a giant portrait of Mao Zedong outside the Great Hall of the People on the eve of the annu

However, Parker said, soybeans might be held for use later on a bigger issue such as the "301" investigation into Beijing's technology policy, which could have a broader impact.

"If it gets approved, you can describe his attempt to abolish term limits as really to make China medieval again, not to make China great again", said Warren Sun, a historian of the Chinese Communist Party at Australia's Monash University.

Trade makes up a smaller share of China's economy than it did a decade ago. And Chinese officials want to preserve the overall ability of Chinese companies to continue investing in the United States.

In the consultations with the USA side, Liu also delivered China's principled stand on trade balance and market access. "But the United States, as a sovereign nation, is free to respond", according to the report, which is prepared by the US Trade Representative's office.

Chinese investments overseas in technology and banking are under closer scrutiny while foreign companies and governments complain Beijing hampers access to its markets in violation of its free-trade commitments. They point to scarce progress China has made opening up sectors such as financial services to foreign players, Chinese industrial policies that favor domestic firms and a yawning trade deficit that amounted to $375 billion in 2017.

The ministry said Beijing has satisfied its trade obligations and appealed to Washington to settle market access and subsidy disputes through negotiation.

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