TEHRAN, Mar. 08 (Press Shia) – China will take measures in the event of a trade war with the United States but hopes it will not go that far, Chinese foreign minister Wang Yi said Thursday.
“History shows that trade wars are never a solution,” the minister said at an annual press conference. “A war hurts both the instigator and those it is waged against. China will take necessary measures in the event of a trade war.”
Wang Yi warned that the two biggest economies were so intertwined that the interests and prosperity of the rest of the world were at stake. The two countries should be able to compete fairly while striving to be partners, not enemies, he said.
This comes as the US administration is planning to raise tariffs on steel and aluminium imports by 25 and 10 percent respectively. This will affect China, which is the world’s largest steel producer and a leading aluminium exporter.
US Treasury Secretary Steven Mnuchin said earlier that the Trump administration was hoping to impose new steel and aluminium tariffs as quickly as possible.