Chinese trade minister Zhong Shan has warned that a trade war between the US and China would be disastrous for the global economy and pledged that China would not initiate one and would instead continue dialog with Washington, Bloomberg reports.
“There is no winner in a trade war,” sadi Zhong during a press conference in Beijing Sunday. “A trade war will only bring disaster to China, U.S. and the global economy. China doesn’t want a trade war, and will not start a trade war first. But we can handle any challenge, and will firmly defend the interests of our nation and our people.”
According to Zhong, the US’s trade deficit with China is actually 20% lower than is widely reported. He also claimed that the deficit could be reduced by 35% if the US relaxed export controls on high-tech products to China, citing unspecified research