Trump administration seeks $100 billion cut in US-China trade deficit

5 2016 shows crew members of China's South Sea Fleet taking part in a drill in the Xisha Islands or the Paracel Islands in the South China Sea

On Wednesday, China led a group of 18 members at the World Trade Organisation urging Trump to scrap the tariff plan, with its representative saying the levies would pose a systemic threat to the rules-based global trading system. A full-blown trade war would risk blunting the effects of the president's policies such as tax cuts and reduced regulation, aimed at boosting US growth.

China has expressed firm opposition to United States tariffs on steel and aluminum imports, saying the move will seriously undermine worldwide trade order. This is out of the ordinary.

The new tariffs imposed by the U.

This comes despite growing concerns of instability due to US protectionist measures, such as the 25% and 10% tariffs imposed this morning on steel and aluminium imports respectively.

China's Commerce Ministry shot back on Friday, saying his plan would 'seriously damage multilateral trade mechanisms represented by the World Trade Organization and will surely have huge impact on normal global trade order'. The tariffs, which will go into effect in 15 days, exempt Canada and Mexico for now, with the possibility of other states to be exempted as well.

The action risks retaliatory tariffs on USA exports - not least by Canada and Europe - and complicates already hard talks on the North American Free Trade Agreement with Canada and Mexico. China accounts for only a small fraction of U.S. steel imports but its industrial expansion has helped create a global steel glut that has driven down prices.

'The acting swiftly on Intellectual Property theft.

Its trade surplus of $275.8 billion with the United States was equal to 65 percent of its global total.

The US trade deficit swelled in January to its highest level in almost a decade as oil prices rose and the world's biggest economy sold fewer aircraft, government data showed Wednesday.

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By contrast, steel markets in Europe, a key U.S ally, have more to lose.

Trump also signaled other trade actions could be in the works.

The rise in aluminium shipments suggested winter production cuts by Beijing to battle air pollution had not been as deep as expected, analysts said, depressing local prices and leaving producers with excess supplies to sell offshore.

Two former senior Defense Department officials said Chinese intellectual property theft cost the USA as much as $600 billion a year, calling it possibly the "greatest transfer of wealth in history".

"The outcome will only be harmful". Over time, however, any additional punitive U.S. measures and retaliations by China or its other major trading partners would reduce global trade flows, disrupt worldwide supply chains and drag on global growth.

"The EU must not allow the moderate recovery in our industry to be destroyed by the EU's most important political ally".

Russia, the fifth-biggest, said it expected some damage from US duties, but said it would hit less than the European Union and China. "The trend is falling as USA oil production rises".


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