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| China will defend trade rights in face of Trump tariff threats, says official | |
| (about 4 hours later) | |
| China will defend its rights under World Trade Organisation tariff rules if US president-elect Donald Trump moves toward executing his campaign threats to levy punitive duties on goods made in China, a senior trade official has said. | China will defend its rights under World Trade Organisation tariff rules if US president-elect Donald Trump moves toward executing his campaign threats to levy punitive duties on goods made in China, a senior trade official has said. |
| Zhang Xiangchen, China’s deputy international trade representative, also told a news conference in Washington on Wednesday that a broad consensus of academics, business people and government officials have concluded that China is not manipulating its yuan currency to gain an unfair trade advantage, as Trump has charged. | Zhang Xiangchen, China’s deputy international trade representative, also told a news conference in Washington on Wednesday that a broad consensus of academics, business people and government officials have concluded that China is not manipulating its yuan currency to gain an unfair trade advantage, as Trump has charged. |
| “I think after Mr Trump takes office, he will be reminded that the United States should honour its obligations as a member of the World Trade Organisation,” Zhang said through an interpreter. “And as a member of the WTO, China also has the right to ensure its rights as a WTO member.” | “I think after Mr Trump takes office, he will be reminded that the United States should honour its obligations as a member of the World Trade Organisation,” Zhang said through an interpreter. “And as a member of the WTO, China also has the right to ensure its rights as a WTO member.” |
| Trump has said China is “killing us” on trade and that he would take steps to reduce the large US goods trade deficit with China, including labelling Beijing as a currency manipulator soon after he takes office and levying duties of up to 45% on Chinese goods to level the playing field for US manufacturers. | Trump has said China is “killing us” on trade and that he would take steps to reduce the large US goods trade deficit with China, including labelling Beijing as a currency manipulator soon after he takes office and levying duties of up to 45% on Chinese goods to level the playing field for US manufacturers. |
| Trump said on Monday he will formally exit the 12-country Trans-Pacific Partnership trade deal in January. China is not a signatory to the TPP. | Trump said on Monday he will formally exit the 12-country Trans-Pacific Partnership trade deal in January. China is not a signatory to the TPP. |
| Zhang, who spoke at the closing news conference for a two-day technical meeting of US and Chinese trade officials in Washington, was not specific on what steps China would take to protect its rights under WTO rules. | Zhang, who spoke at the closing news conference for a two-day technical meeting of US and Chinese trade officials in Washington, was not specific on what steps China would take to protect its rights under WTO rules. |
| The global trading body prohibits members from unilaterally raising tariffs above levels that they have committed to maintain. | The global trading body prohibits members from unilaterally raising tariffs above levels that they have committed to maintain. |
| China’s state-run Global Times newspaper last week warned that a 45% Trump tariff would paralyse US-China bilateral trade. | China’s state-run Global Times newspaper last week warned that a 45% Trump tariff would paralyse US-China bilateral trade. |
| “China will take a tit-for-tat approach then. A batch of Boeing orders will be replaced by Airbus. US auto and [Apple] iPhone sales in China will suffer a setback, and US soybean and maize imports will be halted,” the newspaper warned. | “China will take a tit-for-tat approach then. A batch of Boeing orders will be replaced by Airbus. US auto and [Apple] iPhone sales in China will suffer a setback, and US soybean and maize imports will be halted,” the newspaper warned. |
| In the past, economists had widely viewed the yuan as artificially undervalued, but China during the past year has spent hundreds of billions of dollars in foreign currency reserves to keep the yuan from falling further – prompting the US Treasury to ease its warnings on Beijing’s currency practices. | In the past, economists had widely viewed the yuan as artificially undervalued, but China during the past year has spent hundreds of billions of dollars in foreign currency reserves to keep the yuan from falling further – prompting the US Treasury to ease its warnings on Beijing’s currency practices. |