China 'worried' over US trade relations as surplus narrows | The Daily Star
12:00 AM, February 09, 2018 / LAST MODIFIED: 12:00 AM, February 09, 2018

China 'worried' over US trade relations as surplus narrows

China expressed concern on Thursday over the US ramping up trade investigations as official data showed its surplus with America narrowed in January after reaching record levels last year.

This week China announced an investigation into imports of a US agricultural product after President Donald Trump's administration launched a spate of new trade tariffs and probes into Chinese goods.

The Trump administration has shown no signs of letting up, with major decisions looming on Chinese aluminium, steel and intellectual property practices.

The tensions are raising the spectre of a tit-for-tat trade war between the world's two largest economies.

"There has been an upward trend in US investigative organs looking into China's products and launching trade relief cases," said Ministry of Commerce spokesman Gao Feng during a press conference.

"China is worried about this."

The US imposed new tariffs on Chinese-made solar panels and washing machines this year after hitting aluminium foil and plywood last year.

China has so far held off from retaliating by adding new tariffs on US imports, but Beijing has indicated it may not show such restraint for much longer.

This week China initiated an anti-dumping investigation into sorghum imports from the US, worth almost $1 billion last year.

That was a sliver of the $14 billion in US soybean imports, which China hinted could be in its crosshairs as well. It was America's largest export to China last year.

Gao did not deny reports Chinese authorities were looking into soybean and cotton imports, after a journalist from state news agency Xinhua asked about reported meetings regarding the two items over anti-dumping and anti-subsidy issues.

"Recently we did hold a symposium with enterprises that import and export agricultural products," Gao said, noting it was to "understand the operation of foreign trade in agriculture".

Though Gao denied it was connected to "Sino-US trade frictions", he said "related agricultural companies did indeed mention issues in the Sino-US agricultural product trade" with some producers "expressing concerns about the impact of imported agricultural products".

Official data released by China's General Administration of Customs may relieve some pressure generated by its vast trade surplus with the US.

It reached record highs during Trump's first year in office -- $375.2 billion by US counting, or $275.8 billion according to Chinese data.

Stay updated on the go with The Daily Star News App. Click here to download it for your device.

Grameenphone and Robi:
Type START <space> BR and send SMS it to 2222

Banglalink:
Type START <space> BR and send SMS it to 2225

Leave your comments

Top News

Top News

Top