China’s commerce ministry issued a statement voicing “serious concern” and warning that any US trade protectionism “will definitely harm bilateral trade relations”. “If the US side take actions that impair the mutual trade relations, disregarding the facts and disrespecting multilateral trade rules, China will not sit idle,” the statement said. Since launching his successful run for the White House and then taking office, Trump has frequently accused China of undermining the US economy. The bilateral US trade deficit with China approached $350 billion in 2016, and Trump has repeatedly blamed Chinese imports for gutting employment in US sectors such as steel. But so far, the US has not imposed heavier trade measures on Chinese goods.

Source: Mint August 15, 2017 03:45 UTC