There's already a trade war, and it's being waged by Beijing. China produces roughly the half the world's steel, but most of it never leaves China.
While Beijing has launched warning shots-like trade investigations into USA goods such as sorghum, and hinted it could even take on soybeans, its largest US import-officials have worked to find a peaceful resolution. President Xi, I have great respect for.
State sponsored think-tanks play influential role in China shaping its foreign policy.
But Trump's recent announcement that he plans to slap across-the-board tariffs on imported steel and aluminum, coming on top of tariffs announced in January on Chinese solar panels and South Korean washing machines, have dashed hopes of presidential moderation.
European Council President Donald Tusk, who will chair a summit on March 22-23 where EU leaders will discuss the threat of a "serious trade dispute,"said Trump's view that trade wars were good and easy to win was wrong".
China wants an eight-nation group that the country has dominated along with Russian Federation for its two-decade existence to be more active in regional and global diplomacy and will push to facilitate that at the group's next summit, foreign minister Wang Yi said on Thursday.
"The U.S.is acting swiftly on Intellectual Property theft". They run exactly counter to what would be a sound approach to Chinese mercantilism, as a compelling report by the Information Technology and Innovation Foundation underscores. For instance, it hit the South Korean tourism and retail industries past year after Seoul agreed to host American anti-ballistic missiles on its territory, a move that Beijing called a threat to its national security. The $US130 billion worth of electrical goods shipped in from China is not. Trump tweeted hours before Wang took the stage in Beijing. Only China is doing that.
The two countries have been holding a series of meeting at various levels to reset the relations. What makes it different is its sheer ambition and its size, which gives it leverage over foreign companies and considerable worldwide influence.
"A strong steel and aluminium industry are vital to our national security, absolutely vital..." In the first ten months of past year, Chinese steel accounted for a minuscule 2.2% of total United States imports of the metal.
Even during Dalai Lama's visit to Arunachal Pradesh, which China considers as a 'disputed territory', Wang Yi didn't attend the Russia-India-China trilateral meet which took place in India.
China is positive about any open, transparent and inclusive agreement that reinforces regional economic integration and the WTO-centered global free trade system, Wang said.
Reaction in China was subdued.
We obviously can't do this alone.
Having already alienated them, Washington may also find it hard to muster support from its Western trading partners in pressuring China to end its unfair trade practices.
Such a broad-based effort to crack China's mercantilism wouldn't be protectionist, but the opposite. "We are going to be doing a lot of that".
South Korean trade minister Paik Un-gyu expressed his regret at the move in a meeting with steel executives, saying: "If this action takes effect, it would inevitably deal a serious blow to South Korea's steel exports to the United States".