US Trade Gap Rises To $56.6 Billion, Highest Since 2008
"Choosing a trade war is surely the wrong prescription, in the end you will only hurt others and yourself", Foreign Minister Wang Yi said.
"A trade war is never the right solution", Wang said.
The tariffs would "seriously impact the normal order of global trade", the ministry said.
According to a report by Reuters, Japan said the move would have a "big impact" on the countries' close bilateral ties, while South Korea said it may file a complaint to the WTO and seek tariff exemption.
"During the Pyeongchang Olympics the DPRK (North Korea) did not conduct any nuclear test and the USA and ROK (South Korea) suspended joint exercises. proving that China's proposition of suspension for suspension was right for the problem".
"We should prevent a trade war situation from excessive protectionism, in which the entire world harm each other", Trade Minister Paik Un-gyu told a meeting with steelmakers.
China is on a long march to modernization and it has no need or intention to replace the United States' worldwide role, Yi said.
Official Chinese trade data for the month of February was released yesterday, showing a surprising surge in China's exports and generally positive outlook for the country's trade. Li Xinchuang, with the China Iron and Steel Association called Trump's demand "stupid".
It was the most explicit threat yet from the country in an escalating trade spat.
Allies, rivals alike hit out at Trump trade tariffs
That's why the strongest official reactions to the imposition of tariffs came from the relevant Canadian and Brazilian Ministers. A trade war is essentially an escalating set of tit-for-tat trade restrictions imposed on each other by some trading countries.
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Trump said. The amount is a drop in the bucket when compared with the record $375.2 billion trade deficit the USA racked up with China a year ago. He also laid out China's foreign policy vision from Africa to Latin America.
The United States ran a US$76.5 billion deficit in the trade of goods, which was partially offset by a US$19.9 billion surplus in services such as education and banking.
South Korean senior officials left for the US on Thursday to brief US President Donald Trump and his staff, likely to include Secretary of State Rex Tillerson and National Security Adviser H.R. McMaster, on the outcomes of their recent trip to North Korea.
"Both foreign and domestic demand look healthy, though imports are not as robust as during the same period previous year", said Julian Evans-Pritchard, of Capital Economics, in a report.
He said the United States has raised concerns over South Korea's "transshipment" of Chinese steel, although the trade ministry has argued that only 2.5% of steel exported to the United States uses Chinese material.
That's why very few people in Shanghai's financial district of Lujiazui were aware of the proposed US tariffs, like IT worker Liu Han.
Trump has complained about low-priced Chinese exports of steel and aluminum, but the latest move was likely to hit Japan and South Korea harder.
"I was pleased to see the president acknowledge the strong points I have been making to him".
A looming trade war is certainly a downside risk to China's near-term trade outlook, but opinions are divided on whether the latest round of tariffs on steel and aluminium, which now comprise only 3% of China's exports, will create much of a disturbance.
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