China defends its commercial interests’

Reuters

China has warned the US will have to defend its commercial interests, Chinese state media said, after the american President Donald Trump subjected to duties on Chinese goods.

The comments came in a phone call between China’s vice-premier Liu He and the Secretary of the Treasury Steven Mnuchin.

Mr Trump has announced its intention to impose tariffs on up to $60bn (£42.5 bn) of goods from the Chinese, accusing China of theft of intellectual property.

The move has shaken markets and fueled fears of a trade war.

Mr. Liu, who is Chinese President Xi Jinping’s economic adviser, said Mr. Mnuchin that Beijing was “ready to defend their national interests”, but hopes that “both sides remain rational and work together,” China’s official Xinhua news agency reported.

During the telephone conversation, which is thought to be the highest-level contact between the two governments after Mr Trump has announced the rates on Thursday, Mr Liu has also accused the U.S. of violating the rules of international trade as a result of its investigation in the Chinese intellectual property practices.
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Between the tensions on trade, World Trade Organization Director-General Roberto Azevêdo has warned that the new trade barriers would “endanger the global economy”.

Mr. Trump, however, said that the move to raise tariffs against China was already beginning to get results.

“Many other countries are negotiating fair trade deals with us”, the president said Friday.

Following Mr. Trump, move, China said it had no intention to take revenge with its own set of proposed rates to the value of $3 billion, including the rates of food and scrap of aluminium.

Beijing has warned that “there is no fear of a trade war”, but said he hoped to avoid one, through a constant dialogue.