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USA monthly trade deficit reaches 10-year high

USA monthly trade deficit reaches 10-year high

As for a USA threat to impose tariffs on steel and aluminum imports, a "trade war is not the right solution", Wang told reporters on the sidelines of the National People's Congress, China's parliament, whose annual session started Monday.

"On paper, China has more to lose from a trade war - it exports far more to the US than it imports".

Within the headline total, China's trade surplus with the United States stood at $20.96 billion, slightly below the $21.895 billion level reported in January. While he did not specifically name any country, it is believed concern about China is driving numerous current trade investigations in Washington.

Wang, speaking on the sidelines of an annual meeting of China's parliament, said China and the United States did not have to be rivals, and history showed that trade wars were not the correct way to resolve problems. Trump also took to Twitter to say the U.S. had asked China to "develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States".

Meanwhile, Europe and the International Monetary Fund issued strong warnings to Washington to step back from the brink of a trade war.

Australia's trade minister, Steve Ciobo, said he hoped to reach a "positive outcome in the next two weeks" following preliminary discussions with the USA trade representative, Robert Lighthizer.

"The misuse of the "national security exception" clause by the United States is wanton destruction of the multilateral trade system represented by the WTO and will surely have a serious impact on the normal global trade order".

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China has great confidence in its relationship with Russian Federation, but there is always room to make ties even better, Wang said.

WTO spokesman Keith Rockwell said: "Many said they feared tit-for-tat retaliation, which could spiral out of control, damaging the global economy and the multilateral trading system".

Many people who spoke to Marketplace also did not buy President Trump's claim on Twitter that the US could easily win a trade war. "Trade wars are bad and easy to lose", Tusk told reporters. "Choosing a trade war is surely the wrong prescription, in the end you will only hurt others and yourself", Foreign Minister Wang Yi said.

"We do not want this to go out of proportion, but. if it does happen we will have to take measures to protect European jobs".

As a step to alleviate security concerns, Wang has proposed a "double suspension" approach, where North Korea would suspend its nuclear and missile activities in exchange for the United Sates and the South suspending their joint military drills.

President Xi Jinping, as the chief architect of China's major-country diplomacy, has been personally involved in planning and conducting "brilliant" head-of-state diplomacy, Wang Yi said. It's very important that there are advocates for this in the White House.