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Will fight to the end in any trade war: China
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IANS | 24 Mar, 2018
The Chinese Foreign Ministry on
Friday reaffirmed its position on recent US trade moves, saying that
China will fight to the end in any trade war.
Hua Chunying said at that China urges the US to make cautious decisions.
Despite
strong warnings from business groups and trade experts, US President
Donald Trump on Thursday signed a memorandum that could impose tariffs
on up to $60 billion on imports from China, and restrictions on Chinese
investment in the US, Xinhua reported.
A White House trade adviser told reporters that retaliation could be difficult for China.
In
response, Hua said these remarks miscalculated the situation,
underestimated China's resolve and capability to defend its own
legitimate rights and interests, as well as the price the United States
has to pay for its recklessness and willfulness.
Hua said the US
imported low-cost, labor-intensive products from China in large
quantities, which considerably lowered the consumption costs for the US
consumers, increased consumers' surplus. This in fact improved
consumers' welfare and also helped the US to curb inflation in the
larger sense.
As such, the US has benefited greatly from trade
with China both at the micro and macro level, Hua said, adding that the
US' persistence in advancing the Section 301 investigation and
publishing the so-called findings to pick a trade war will undoubtedly
undermine the interests of the US consumers, enterprises and financial
market directly.
Noting that the US stocks ended sharply lower on
Thursday, Hua said it was a vote of no confidence to relevant wrong
policies and moves of the US side by the financial market.
Maintaining
sound and steady China-US economic and trade relations will be
conducive to upholding global economic stability and normal
international trade order, she said.
Relevant issues should be
properly resolved through constructive dialogue and consultation, which
is in the interests of both sides, Hua said.
When asked whether a
trade war would harm China's domestic development, Hua said the Chinese
government has clearly identified its goals for development going
forward.
"We will continue to unswervingly pursue the set goal
and path and no external forces or incidents could disturb our pace,"
Hua said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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