Published: Mon, March 12, 2018
World | By Camille Rivera

China trade deficit figure overestimated by about 20 pct: commerce minister

China trade deficit figure overestimated by about 20 pct: commerce minister

"It will only bring disaster to China and the USA and the world".

"There will be no winners in the trade war, it will cause disaster for China, USA and the whole world", the Minister said.

The CIIE is one of four major global events to be hosted by China this year, along with the Boao Forum for Asia annual conference in April, the Shanghai Cooperation Organization summit in June and the Forum on China-Africa Cooperation summit in September.

He noted that China's top economic adviser Liu He visited the USA recently and held "candid and constructive" talks with American officials on bilateral trade issues.

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More than 150,000 buyers from home and overseas are expected at the event, he said.

The further trade imbalance between the two countries is structural, with China exporting more commodities to the United States while importing more services, Zhong said, adding that trade competitiveness is determined by industries.

In spite of the expected trade war between two nations, "We haven't halted economic dialogues and will continue the exchanges", the minister continued.

China's persistently high trade surplus with the USA is the root of the tension, and Trump has said he plans to trim it by US$100 billion.

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As China's exports surged in February its monthly surplus with the United States widened from a year earlier to $20.96 billion, according to data from the customs bureau.

"We are still in talks, and we are sure that both sides will keep talking for the next step", he said.

This comes after U.S. President Donald Trump on Thursday signed a proclamation that sets the tariff on imports of steel at 25% and on aluminum at 10%, to be effected in 15 days.

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

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Trump has called the tariffs a matter of national security while threatening to tax European auto imports and impose "reciprocal taxes" on countries that charge higher duties on USA goods than the United States now charges on their products.

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