The Atlanta Journal-Constitution
China warns of trade war, appeals for cooperation
Amid tariffff threats, forumincludes calls for globalization.
AssociatedPress
BEIJING — A top Chinese offifficial warned Sunday that a “trade war” would harm all sides but gave no indication of Beijing’s possible next move in a spiraling dispute with President Donald Trump over steel and technology.
Speaking to global business leaders at a development forum, Vice Premier Han Zheng appealed for cooperation to make economic globalization “benefificial for all.”
“A trade war serves the interests of none,” Han said at the China Development Forum. “It will only lead to serious consequences and negative impact.”
Handidn’tmentionTrump by name or refer directly to the dispute with Washington, but the country’s newly appointed economy czar warned Saturday that Beijing will defend its interests. The government issued a $3 billion list on Friday of U.S. goods including pork and stainless steel pipes it said might be hit by higher tariffffffffffffs.
The Commerce Ministry said those charges were linked to Trump’s approval earlier of higher tariffffffffffffs on steel andaluminumimports. But a bigger battle is brewing over Trump’s approval Thursday of a possible tariffff hikeon$30billionofChinese goods in response to what Washington says is Beijing’s improper acquisition of foreign technology.
Global fifinancial markets have sunk on fears Chinese retaliation might prompt other governments to raise import barriers, depressing Han Zheng, left, China’s executive vice premier, and Premier Li Keqiang, shown onMarch 20 in Beijing, warned Sunday theywould defend their country’s interests in the face of a “tradewar.”
global trade.
Hanappealedto other governments to “cooperate with eachother like passengers in the same boat” and “make economic globalizationmore open, inclusive, balanced and benefificial for all.”
However, he also emphasized that China’s income per person still is low, suggesting Beijing is unlikely to offffffffffffer signifificant concessions to Washington.
Han repeated promises that China’s planned market-opening would create new opportunities for foreign companies. Business groups have welcomed reform pledges but complain Beijing is moving too slowly, making it unclear whether additional promises will mollify Washington, the European Union and other trading partners.
In a phone call Saturday with U.S. Treasury Secretary Steven Mnuchin, Vice Premier Liu He said Beijing is “ready and capable of defending its national interest and hopes both sideswill remain rational,” according to China’s official Xinhua News Agency.
In a speech to the economic forum, Apple CEO Tim Cook acknowledged
tensions inWesternsocieties that fueldemands for import controls and said companies must take action to spread the benefifits of globalization more widely.
“Not everyone has benefited like all of us in this room have from technology and globalization, and we all must help to address this disparity,” said Cook, a co-chairman of the event. “Their cause must become our cause.”
The annual forum, which brings together corporate leaders with Chinese economic officials, usually is used to showcase Beijing’s plans. This year, those include ambitious promises to open fifinancial markets and give entrepreneurs andforeigncompanies a bigger role inChina’s state-dominated economy.
Other business leaders at theevent includedIBMCorp. Chairwoman Virginia Rometty, CEO Patrick Pouyanne of French oil giant Total SA, Bank of China Ltd. Chairman Chen Siqing and CEO Ulf Mark Schneider of Nestle SA. It also was attended by China’s newly appointed central bank governor, Yi Gang, and other Chinese economic leaders.