Update | China vows to work with other nations to counter Trump tariffs
Government says US moves to slap levies on imported steel and aluminium will have huge impact on global trade order
Beijing says it will work with other nations to safeguard its interests and defend the world trade order, as US President Donald Trump struck a defiant tone amid criticism of his vow to impose high tariffs on imports of steel and aluminium.
But analysts and former officials in China said despite intense speculation and escalating rhetoric, the chance of a full-fledged trade war between the world’s top two economies remained low as neither side could win without devastating consequences.
The move to impose tariffs of 25 per cent on steel and 10 per cent on aluminium would “seriously damage multilateral trade mechanisms represented by the World Trade Organisation and will surely have a huge impact on the normal international trade order”, Wang Hejun, head of the Ministry of Commerce’s trade remedy and investigation bureau, said in a statement late on Friday.
“If the final measures of the United States hurt Chinese interests, China will work with other affected countries in taking measures to safeguard its own rights and interests,” the statement said.
Trump’s plan has triggered a global backlash and sent stock markets tumbling, with leaders from Asia to Europe voicing scathing criticism and vowing to take countermeasures if they are hit by US tariffs.