BEIJING – A trade war with the United States would harm both the initiator and the target countries, Chinese Foreign Minister Wang Yi said on Thursday, adding that China would make “justified and necessary responses” to the US tariff increases.
Wang noted during a press conference on the sidelines of the annual meeting of National People’s Congress in Beijing that a trade war had never been “the right solution.”
US President Donald Trump, who has long criticized China and other countries for what he says are unfair trade practices, recently announced he would impose import tariffs of 25 percent on steel and 10 percent on aluminum, provoking worries about a potential trade war.
Wang said that China hoped to reach a calm and constructive dialogue with the United States, as both countries, being the world’s largest economies, have deeply entwined interests and must take into account not only the benefits of their own people but also those of other countries.
He also added that China has no interest in displacing the US because China’s path towards being a leading world economy is different from that of the traditional powers.
The foreign minister said some Americans see China as a strategic competitor and claim that China will replace the US in its global role, but added that such conclusion is fundamentally wrong.
If there were to be a competition between China and the US – the world’s two largest economies and both permanent members of the UN Security Council –, it should be a “healthy and positive” one, Wang said.